Drill rigs hit pay dirt in southeast Saskatchewan
Spartan Energy Corp. is raking it in with record production of oil
Copyright © Western Investor
Spartan Energy Corp. has been going hard with multiple drilling rigs in southeast Saskatchewan.
The company achieved record average production of 22,630 barrels of oil equivalent per day, representing an 82 per cent increase over the third quarter of 2016, it said in a release.
It reduced operating and transportation expenses 5 per cent from the third quarter of 2016 and 6 per cent from the second quarter of 2017.
Spartan had three rigs actively drilling across southeast Saskatchewan during the third quarter of 2017.
The company drilled 39 development wells in the quarter and brought 37 wells on production, with 12 wells drilled and waiting to be brought on production at the end of the quarter.
In the first nine months of 2017, Spartan drilled 105 wells and brought 93 wells on production. Total development capital expenditures were $104.7 million year-to-date, leaving $35.3 million of its budget remaining to be spent in the fourth quarter.