CALGARY, A.B. – Crew Energy Inc. released its operating and financial results for the three month period ending March 31st today, in addition to an updated independent Montney Resource Evaluation.
In the first quarter of this year, Crew Energy’s production averaged 23,231 barrels of oil equivalent per day, 4% higher than the prior quarter. The company’s revenue totalled $27.7 million in the first quarter, more than double than in the same period in 2016.
The company had operating costs drop 25 percent in the Septimus and West Septimus areas, while transportation costs were 24% lower.
Crew Energy also drilled 11 wells and completed five out of a planned ten wells in northeast B.C., with an inventory of 20 drilled and uncompleted wells, 18 of which are in Greater Septimus and Groundbirch.
During the first three months of this year, the company says that activity levels increased across the Western Canadian Sedimentary Basin in response to frozen ground conditions and an improved commodity price environment. Crew Energy says that work on expanding its West Septimus facility continued in the quarter, and is currently ahead of schedule, with commissioning of the expanded facility currently planned for the fourth quarter of 2017.
