Vero increases 2012 guidance on Cardium successVero Energy Inc. drilled eight (6.9 net) Cardium horizontal wells in Q1 prior to spring breakup with a 100% drilling success rate. Three of the wells resulted in new pool discoveries. All but one (0.4 net non-operated) have been completed and are on production.Vero's production for March averaged 2,550 boepd (70% oil and NGLs), a 42% increase in output from its Cardium assets since the beginning of the year. The last two wells were placed on production in early April, boosting production to...
Apr 10, 2012
Vero to sell interest in Whitecourt propertyVero Energy Inc. has initiated a process to divest non-core interests in its Whitecourt property in West Central Alberta.
The offering includes 51,520 gross acres (33,057 net acres), mostly Verooperated. About 42% of the net acres are undeveloped. Vero holds a 73% WI in the undeveloped land.
There were 40 wells as of June 2011 producing mainly from the Wilrich/Glauconitic and other zones include Bluesky, Gething, Viking and Falher. According to a September 30 reserve report, 2P reserves were...
Sep 22, 2011
Vero aiming to hit record production in Q2Vero Energy Inc. increased oil production by 120% to 1,051 b/d in Q1, increasing the liquids (oil and NGL's) proportion of total production to 25% in the quarter from 20% in the first quarter of 2010.
Vero drilled 12 (10.2 net) wells with a 91% success rate which included 5 (4.4 net) new pool discoveries. Production in the second quarter is expected to average 10,700 - 11,200 boe/d based on field estimates. This would be a record for quarterly production.
Vero plans to drill 8 (5.2 net)...
Jun 06, 2011
Vero aiming for record production in Q2Vero Energy Inc. achieved funds flow from operations of $16.6 million in Q1, increasing volumes 120% to 1,051 b/d. Vero achieved an operating netback of $25.32 per boe and funds flow netback of $21.76 per boe, representing a 4% and 6% increase respectively compared with the 2010 first quarter.
The company lost $2.2 million in Q1 compared with net income of $1.6 million in the 2010 first quarter. Revenues were off slightly at $29.1 million. Vero drilled 12 (10.2 net) wells during the quarter...
Jun 06, 2011
Vero obtains $35 MM financingVero Energy Inc. will raise $35 million by issuing, on a bought deal basis, 1,539,000 common shares at a price of $6.50 per common share and 3,068,000 common shares on a flow-through basis at a price of $8.15 per flow-through common share.
The underwriters, led by GMP Securities L.P., included FirstEnergy Capital Corp., Dundee Securities Corporation, Paradigm Capital Inc., Macquarie Capital Markets Canada Ltd., CIBC World Markets Inc., and RBC Capital Markets.
Proceeds of the offering...
Nov 15, 2010
Vero acquires Cordova embayment landsVero Energy Inc recently acquired a drilling license in the Cordova Embayment area of NE British Columbia at a cost of $4.0 million for 2,598 acres. The lands were selected by the company because of the proximity to midstream infrastructure. The company says it will expend minimal capital in 2010, using the balance of this year to plan and make ready its 2011 capital program for this...
Sep 02, 2010
Vero acquires Cordova embayment landsVero Energy Inc recently acquired a drilling license in the Cordova Embayment area of NE British Columbia at a cost of $4.0 million for 2,598 acres. The lands were selected by the company because of the proximity to midstream infrastructure. The company says it will expend minimal capital in 2010, using the balance of this year to plan and make ready its 2011 capital program for this...
Sep 02, 2010
Vero Energy acquires Cordova Embayment landsVero Energy Inc. recently acquired a drilling license in the Cordova Embayment area of NE British Columbia, representing a new prospective growth area. The lands were specifically chosen because of Vero's belief in the excellent resource potential and close proximity of the lands to midstream infrastructure, the company said.
Vero engaged McDaniel & Associates Consultants Ltd. to prepare an independent resource assessment on all of the corporation's new acreage in the area. The assessment...
Aug 03, 2010
Vero Energy expects to drill 21 more wells by year-end 2008During Q3, Vero Energy Inc. participated in the drilling of eight (5.8 net) wells of which three (3.0 net) were horizontal wells, with a success rate of 100%. This drilling program resulted in two new pool discoveries.
Current production is ~7,225 BOEPD (80% natural gas). Three operated drilling rigs are currently working, with two of these rigs drilling horizontal wells. Currently, Vero has seven (5.4 net) wells that have been completed and are waiting to be brought on production.
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Sep 29, 2008
Vero increases 2007 production guidance Vero Energy Inc. reported that Q1 production increased by 32% to ~4,750 BOEPD (80% gas) as a direct result of its most aggressive quarter to date. The company participated in the drilling of 17 (10.9 net) wells with a success rate of 82% including two new pool discoveries.
Vero increased its year end exit guidance from 4,700 to 4,900 BOEPD to 5,000 to 5,200 BOEPD. The company expects Q2 production to average 4,500 to 4,700 BOEPD, slightly less than current production, due to the expected...
Apr 10, 2007
Closings Briefs - Feb. 13, 2012• Cobra Venture Corp. completed the sale of all of its freehold mineral and royalty interests in Saskatchewan to Keystone Royalty Corp. for ~$5.2 million. Keystone paid by transferring ~1.8 million shares of Cobra along with ~$4.7 million in cash. The shares were valued at 30 cents each.
• Houston-based Complete Production Services Inc. completed the sale of its Canadian wireline operations to an unnamed buyer for US$45 million in cash.
• Delphi Energy Corp. closed the sale of...
Feb 13, 2012
Land Acquisition Briefs• In its second quarter earnings release, Chevron Corp. disclosed a recent addition to its Canadian shale acreage in Western Canada: ~200,000 acres of shale-gas leasehold. Looking for long-term investments, the company expects an appraisal of the acreage by the end of 2011.
• Vero Energy Inc. pulled the trigger in the Cordova Embayment area of NE B.C. by acquiring ~2,600 acres for $4.0 million. Vero believes there is ~650 BCFE undiscovered reserves.
• Hemisphere Energy Corporation closed...
Aug 24, 2010
Financial Briefs (April 2009; >10 Stories)Pembina Pipeline Income Fund entered into an agreement with a syndicate of underwriters under which the underwriters have agreed to purchase from the fund and sell to the public 11.54 million trust units at a purchase price of $13.00 per unit for gross proceeds of ~$150 million. Funds will be used to help finance the purchase of the Cutbank Complex from Talisman.
Baytex Energy Trust has closed an equity financing of 7.94 million trust units at $14.50 per unit for gross proceeds of ~$115.06...
Apr 30, 2009
Reserves & Production Briefs (March 2009; 9 Stories)Suncor Energy reports that production at its oil sands facility during February averaged ~300,000 BPD. Suncor is targeting average oil sands production of 300,000 BPD in 2009.
Profound Energy's 2P reserves grew 28% to 12.3 MMBOE at year end through a combination of a strategic acquisition, dispositions and drilling. Proved reserves increased by 39% to 8.3 MMBOE.
Redcliffe Exploration increased both proved reserves and 2P reserves by 32% over 2007 year-end estimates due to increased...
Mar 10, 2009