Progress Energy Strong Operational Results
Progress Energy Resources Corp. (PRQ.TO), which lost 5% and touched within a $1 of its year low $11.55 on Monday, said it continues to deliver strong operational results from its capital investment program. Focused investment in the North Montney unconventional shales in northeast British Columbia has resulted in the company achieving its production goal of exiting 2011 at 50,000 boe per day, 11% higher than its 2010 exit rate. Progress is targeting to exit 2012 at approximately 60,000 boe per day or approximately 20% higher than 2011. Currently the company has seven drilling rigs operating with three on its North Montney acreage, three on its North Montney Joint Venture with PETRONAS and one pursuing its Dunvegan light oil play in Alberta.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.