Tamarack Valley Energy Ltd. detailed its first-quarter 2015 operating results May 13.
Production guidance of 8,000 barrels of oil equivalent per day (Mboe/d) was exceeded—8,092boe/d was produced. This was a 5% increase from fourth-quarter 2014’s 7,681boe/d.
Wells in Alberta’s Wilson Creek area that had been producing in fourth-quarter 2014 continued production through first-quarter 2015, Tamarack said.
In first-quarter 2015, CA$5 million of capex was spent, and CA$13.7 million was generated through operations. This reduced the company's total debt by CA$8.6 million.
During the quarter, 280 boe/d of production was shut-in due to third-party facility downtime.
No new production was undertaken during first-quarter 2015 because of low commodity prices, and the drilling program was limited early in the quarter.
Nonessential spending was stopped, operating costs were cut, service costs were reduced and prices were hedged during the quarter, Tamarack said.
The company drilled two net Cardium horizontal oil wells in the Wilson Creek area in early January, and now there are three that have not been fracture stimulated or put on production.
The Cardium Alder Flats horizontal well was shut in during third-quarter 2014.
Tamarack said it has about 1,205 boe/d behind pipe in the Wilson Creek/Alder Flats area that will allow it to increase production.
Calgary, Alberta-based Tamarack Valley Energy Ltd. operates in the Western Canadian Sedimentary Basin.
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