Reliable Energy Ltd. (REL.V) provided an operations update in which it reported that net oil production is currently 1,100 bopd, an increase of almost 31% from the third quarter exit rate, while average quarterly production to date in the fourth quarter is 988 bopd, compared with 679 bopd in the third quarter, an increase of 46%. To date, the company said it has completed the drilling of all 11 (8.3 net) horizontal wells that comprised the second half of its 2011 drilling program with 2 (1.5 net) horizontal wells currently awaiting completion operations. Reliable has also participated in the drilling of 2 (0.3 net) non-operated wells in the Kirkella area that are now awaiting completion operations which are expected during December 2011.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
