Arrow Exploration Corp. Reports Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2018; Provides Production Guidance for the Year 2019
For the year, the company reported total natural gas and crude oil revenues, net of royalties was $6,077,423. Funds from used in operations was $971,986 or $0.01 per basic and diluted share compared to $3,987 or $0.00 per basic and diluted share a year ago. Net loss was $665,123 or $0.01 per basic and diluted share compared to $4,228 or $0.00 per basic and diluted share a year ago.
For the quarter, the company reported natural gas was 733 (Mcf/d). Natural gas liquids was 7 (bbl/d). Crude oil was 1,553 (bbl/d). Total natural gas and crude oil production, before royalties was 1,682 (boepd). Natural gas negative was $1.97 ($/Mcf). Crude oil was $19.15 ($/bbl). Total operating netbacks was $16.88 ($/boe).
For the year, the company reported natural gas was 734 (Mcf/d). Natural gas liquids was 7 (bbl/d). Crude oil was 1,547 (bbl/d). Total natural gas and crude oil production, before royalties was 1,676 (boepd). Natural gas negative was $1.92 ($/Mcf). Crude oil was $19.22 ($/bbl). Total operating netbacks was $16.96 ($/boe).
The company provide 2019 corporate guidance of 1,600 boe/d 1,700 boe/d average production and $14 - $15 million capital spending without accounting for any potential success at RCE-1. Following completion of RCE-1, production and capital guidance numbers will be adjusted accordingly.