So all the volume traded all for not???? what we worth 1.61 or much higher as peeps piled into stock in the 2.30s-2.50s......Cheers, Dave.
Raging River Exploration Inc. Announces Operational Update and 2012 Guidance 2 hours 40 minutes ago
CALGARY, ALBERTA--(Marketwire - March 28, 2012) - Raging River Exploration Inc. ("Raging River" or the "Company") (TSX VENTURE:RRX.V - News) is pleased to announce its 2012 guidance and operations update.
2012 First Quarter Operational Highlights
With the closing of the previously announced "Plan of Arrangement", Raging River became a publicly traded company on March 15, 2012. Active operations were completed on the assets transferred to Raging River pursuant to the Plan of Arrangement and these provide the basis for the operations update provided below.
-- Participated in the drilling of 23 (17.8 net) Viking horizontal oil wells in the greater Dodsland area at a 100% success rate. -- In aggregate, the wells are producing at or above Raging River's expected type curve for the area. -- Completed our first downspacing pilot (16 horizontal well per section spacing). 30 day production rates for these wells have been equal to or above Raging River's type curve for the area. -- Based on current field estimates, production is in excess of 1,500 boepd setting the stage for our estimated second quarter average production of 1,350 boepd (97% oil). -- Drilled 1 (1 net) service well to provide source water for Raging River's pilot Viking waterflood. -- The Dodsland Viking pilot waterflood has been operational since early December 2011. -- Early results are showing some positive response, however further performance data is required. -- It is expected that by late Q4 2012, we will be in a position to provide additional information on the performance of the pilot waterflood. -- Completed shooting and interpretation of a 15 square mile 3D seismic program over a portion of our Dodsland south acreage. Drilling on this seismic program is expected to commence early in the third quarter.
2012 Guidance - April through December 2012
The Board of Directors of Raging River has approved a 2012 capital budget for the remaining three quarters of 2012 of $45 million. The current budget contemplates $38 million of expenditures to drill and bring on stream an additional 40 net horizontal oil wells in the Dodsland area. The remaining $7 million of expenditures are allocated towards land, seismic and facilities. The approved budget does not contemplate acquisitions, however Raging River continues to evaluate acquisition opportunities within and beyond our current core area.
Average daily production for the period of April through December 2012 is expected to be 1,600 boepd (97% crude oil). This is a 60% increase over our January 1, 2012 starting point of 1,000 boepd. Raging River expects to exit 2012 at 1,900 boepd (97% oil) representing a 90% growth from our January 1, 2012 volumes. The operational parameters within our current budget (April-December 2012) are:
-- Average production - 1,600 boepd (97% crude oil) -- Royalty rate - 9% -- Operating costs - $16.50 per boe -- Transportation costs - $1.50 per boe -- G&A (expensed) - $3.50 per boe -- Common shares outstanding (basic) - 102.5 million(1)
(1) Assumes all existing Raging River purchase warrants issued in under the Plan of Arrangement are exercised on or before April 16, 2012.