|Paramount Resources Ltd.- POU.t is an intermediate Canadian energy company.|
The company explores for, develops, produces, and markets natural gas, crude oil, and natural gas liquids in Alberta, British Columbia, Saskatchewan and the Northwest Territories.
- First quarter 2016 sales volumes averaged 50,161 Boe/d, 31 percent higher than the first quarter of 2015 and 10 percent higher than the previous quarter.
- First quarter 2016 condensate and oil sales volumes were 13,245 Bbl/d, double the first quarter a year ago and 33 percent higher than the previous quarter. Twelve new Ultra-Rich Montney wells were brought on in late-2015 and had average raw condensate-gas ratios of 317 Bbl/MMcf over the first quarter of 2016.
- Other NGLs sales volumes increased to 11,259 Bbl/d in the first quarter of 2016, 62 percent higher than the first quarter of 2015 and 23 percent higher than the previous quarter.
- Liquids-rich Musreau Montney volumes increased to 27,565 Boe/d, representing 55 percent of total Company sales in the first quarter of 2016 compared to 11,958 Boe/d or 31 percent in the first quarter of 2015.
- First quarter netbacks including hedging settlements increased 34 percent to $60.3 million in 2016 compared to $45.1 million a year ago, as higher sales volumes and hedging more than offset lower commodity prices.
- With no wells spudded at Musreau since the second quarter of 2015 and a turnaround at the Musreau Complex planned for the third quarter of 2016, sales volumes are expected to decline through the middle part of the year until wells from the 2016 capital program are brought on-stream in the fourth quarter.
- The Company commenced drilling a six-Montney well pad at Musreau in April 2016 using two Fox Drilling rigs. An additional three rigs are scheduled to commence drilling later in the second quarter. Initial wells from the 2016 capital program are expected to be brought on production in the fourth quarter.
- In response to lower commodity prices and to preserve financial flexibility, Paramount's first quarter 2016 capital spending for Principal Properties was $20.1 million, in line with cash flows.
- The Company closed the sale of its Musreau Complex and related midstream assets (the "Midstream Transaction") on April 20, 2016.