Border Petroleum Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported petroleum and natural gas revenues of $730,350 against $1,501,452 a year ago. Negative funds flow from operations was $350,808 against $208,845 a year ago. Net loss was $686,947 or $0.00 basic and diluted per share against $859,410 or $0.01 basic and diluted per share a year ago. Capital expenditures were $8,541,879 against $4,639,592 a year ago.

For the nine months, the company reported petroleum and natural gas revenues of $2,196,915 against $2,617,043 a year ago. Negative funds flow from operations was $1,515,328 or $0.01 basic and diluted per share against $1,007,471 or $0.01 basic and diluted per share a year ago. Net loss was $2,263,983 or $0.01 basic and diluted per share against $2,077,892 or $0.02 basic and diluted per share a year ago. Capital expenditures were $10,653,865 against $25,715,353 a year ago.

For the quarter, the company reported oil and liquids of 89 bbls/d against 131 bbls/d a year ago. Natural gas was 730 mcf/d against 1,435 mcf/d a year ago. Oil equivalent was 211 boe/d against 371 boe/d a year ago.

For the nine months, the company reported oil and liquids of 89 bbls/d against 81 bbls/d a year ago. Natural gas was 730 mcf/d against 792 mcf/d a year ago. Oil equivalent was 211 boe/d against 213 boe/d a year ago.

The company announced an update with respect to its first long leg Slave Point horizontal well located at 10-15-85-10W5M (the ‘10-15 Well') in the Red Earth area of northern Alberta. The 10-15 Well was successfully drilled, completed, equipped and put on pump in December 2012 for a total cost of approximately $7 million. The 10-15 Well costs exceeded the pre-drill estimated costs of $5 million due to the drilling of a longer horizontal leg, which also led to additional completion costs. Border expects to receive Alberta ERCB approval within the next 7 days to commence the initial steps required to convert a vertical well located on the 10-15 Well site into a water disposal well. Slave Point horizontal wells in the Red Earth area can produce between 50% to 90% water over a majority of their production life. Accordingly, the ability to dispose of water production from the 10-15 Well directly on-site, as well as from Border's two short-leg horizontal wells located at 5-1-85-10-W5 (the ‘5-1 Well') and 6-36-85-10W5 (the ‘6-36 Well'), will reduce its current and future operating costs related to these wells and any future wells in the area. With respect to its 2 short-leg horizontal wells on the Loon Block, for the 6 months ended December 31, 2012, Border's 5-1 Well and 6-36 Well averaged approximately 15 bopd per well (producing day average). As previously reported, production from these short horizontal wells has been impeded by wax and asphaltene build up which Border continues to address using cost effective remediation efforts. The two wells are currently producing at a combined oil rate of approximately 25 bopd.