Increase in Average Production
Average production increased by 3% to 3,220 BOE per day compared to the previous year quarter. For the year-to-date, production was up 13% to 3,646 BOE per day.
Operational Efficiency
Operating expenses remained low at $7.15 per BOE. G&A expenses decreased by 9% due to lower accounting and auditing fees.
Expansion of Credit Facility
The credit facility borrowing base increased by 30% from $50 million to $65 million, providing more flexibility in managing working capital.
Forward-Looking Production Plans
Nine new wells are expected to start production in the second half of the year, anticipated to significantly increase production and cash flow.
Share Buybacks
Continuing to return capital to shareholders through share buybacks, with 130,000 shares purchased in July.