Eagle Energy Trust (EGL-UN.TO) today reported its financial and
operating results for the first quarter 2013.
- 2013 funds flow from operations was $11.9 million, up 30% from
the first quarter of 2012 and up 20% from the fourth quarter of
- First quarter 2013 average working interest sales volumes of
2,928 barrels of oil equivalent per day ("boe/d") exceeded Eagle's
first quarter plan and were unchanged from fourth quarter 2012
- Eagle maintained fourth quarter 2012 production levels
throughout the first quarter of 2013 while spending less than 20%
of its 2013 capital budget. Over 60% of Eagle's 2012 capital
program occurred in the last half of 2012, resulting in a
substantial portion of fourth quarter 2012 production from new
wells being comprised of normal flush production. Eagle's first
quarter 2013 results demonstrate both improved operations execution
as well as a significantly lower corporate decline rate compared to
market consensus regarding prior periods.
- Average working interest production was 2,928 boe/d (87% oil,
7% natural gas liquids, 6% natural gas). From this base, the Trust
remains on track to meet its 2013 full year production guidance of
2,900 to 3,100 boe/d. Eagle commenced its 2013 drilling program in
- Achieved a 37% reduction in field operating costs (excluding
transportation) compared to first quarter 2012, and a 20% reduction
compared to the fourth quarter 2012. Total field operating costs,
including transportation, were $11.18 per boe.
Eagle Energy Trust, which was up 26 cents to $7.03 in early
trade, is now trading at $7.22.