Marquee Energy Ltd. Reports Production Results for the Fourth Quarter of 2013 and for the Month of January 2014; Provides Drilling Updates; Provides Production and Capital Expenditure Guidance for 2014
Production in the fourth quarter of 2013 averaged 2,113 boe/d and January 2014 production averged 3,800 boe/d (53% oil and liquids) based on field estimates. Anticipated production levels for the month were negatively impacted by a number of factors including cold weather, access issues, facility restrictions and lower than type curve results for the first two Michichi wells tied in late fourth quarter of 2013. Approximately 600 boe/d (60% gas) of production was impacted which included 380 boe/d (80% gas) on existing producing assets by weather and mechanical issues, and 220 boe/d (40% gas) related to a delay in the completion and tie-in of the last well drilled by Marquee in 2013 and third party facility restrictions on non-operated properties. Efforts are underway to have production affected by weather, mechanical problems and tie-in delays on-stream in the second quarter of 2014.
The company provided production and capital expenditure guidance for 2014. For the year, the company expects average production of 4,900-5,100 boe/d, and exit production of 5,600-5,700 boe/d.
For the year, the company expects capital program of $46 million.