Strategic Improves Q1 Production, Revenue Dips

摘要

Strategic Oil & Gas Ltd. grew first-quarter 2009 production 35% over the same quarter a year ago, but revenues fell 38% due to a significant drop in prices (see tables). The company's Alberta drilling program led to the completion and tie-in late in the third quarter of another liquids-rich gas well at Harmattan in west-central Alberta at gross initial rates of approximately one mmcf per day of natural gas and 50 bbls per day of natural gas liquids from the Mannville zone. During the third quarter, this well (Harmattan 10-8) was completed in the Elkton zone and came on production in late December at approximately 600 mcf per day. As a result, production was higher in the first quarter of 2009 as this zone was on production for a full quarter.