Increase in Production
Average production increased by 3% to 3,220 BOE per day despite temporary shut-ins, and year-to-date production increased by 13% to 3,646 BOE per day.
Operating Expenses Management
Operating expenses remain low at $7.15 per BOE, contributing to cost efficiency.
Credit Facility Expansion
The borrowing base was increased by 30% from $50 million to $65 million, providing more financial flexibility.
Share Buyback Initiative
The company repurchased about 130,000 shares in July, indicating a focus on returning capital to shareholders.
Upcoming Production Increase
Nine new wells are expected to start production in the second half of the year, anticipated to significantly increase production and cash flow.