TORC Oil & Gas Ltd. Announces Management Changes; Re-Affirms Production Guidance for Fiscal Year 2012; Provides Production Guidance for Fiscal Year 2013
New TORC also re-affirmed production guidance for fiscal year 2012. For the period, New TORC reported that it is on track to achieve its previously announced 2012 exit guidance of 3,900 BOE/d (75% light oil and NGLs) with a strong balance sheet of $40 million of net positive working capital.
The Board of Directors of New TORC also provided production guidance for fiscal year 2013. New TORC has approved a capital budget of $125 million for 2013. Capital expenditures will be primarily focused on Cardium development combined with continued delineation of the Monarch asset to move this emerging resource play towards the production growth phase. Based on the approved capital budget, New TORC anticipated production to average 4,250 BOE/d (more than 75% light oil and NGLs) with an exit rate of over 4,900 BOE/d (more than 75% light oil and NGLs).