TORC Oil & Gas Ltd. Announces Third Quarter 2020 Financial & Operational Results

TORC’s third quarter production averaged 24,995 boepd with the continued strong performance from the Company’s successful first quarter drilling program and the long history of managing the production decline profile.  TORC spent a total of $6.2 million of exploration and development capital in the third quarter primarily on optimization and asset maintenance programs bringing total spending for the first nine months of 2020 to $72.5 million

SOUTHEAST SASKATCHEWAN 

TORC has drilled 19 (15.5 net) wells on the southeast Saskatchewan conventional assets in 2020, all in the first quarter.  TORC has identified more than 400 net conventional light oil drilling locations in southeast Saskatchewan, providing multiple years of high quality drilling inventory.  

TORC maintains an inventory of 5 (4.0 net) drilled but uncompleted Torquay/Three Forks resource play wells associated with the Company’s first quarter drilling program.  Additionally, TORC has identified over 150 net development locations in the Torquay/Three Forks play providing multiple years of drilling inventory.

On the unconventional Midale light oil resource play in southeast Saskatchewan, TORC successfully drilled 6 (5.7 net) wells in the first quarter.  TORC has identified 175 net future unconventional Midale drilling locations on the Company’s land base to add value in future years.

CARDIUM

TORC drilled 3 (3.0 net) Cardium development wells in the first quarter of 2020.  The Company has identified more than 290 net undrilled Cardium locations for future development.  With a decline profile below 20% and a deep inventory of high quality development locations, the Cardium continues to support TORC’s long-term strategy.     

CAPITAL BUDGET AND PRODUCTION GUIDANCE 

TORC maintains that the revised $80 million 2020 capital budget (down from $190 million pre pandemic) will result in 2020 exit production of 25,000 boepd (83% light oil; 5% NGLs).  Based on this production profile and the Company’s long term focus on production decline management, TORC expects that the Company’s production decline will decrease to approximately 20% by year-end 2020. 

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