Granite Oil (TSX:GXO) reported its 2015 financial results, highlighting an improved balance sheet for the year. The company finished 2015 with $39.6 million of net debt, with a $1.8 million reduction relative to third quarter results. The company also increased its dividend by 17 percent to $0.42.
As quoted in the press release, additional highlights from the year included:
- Improved the balance sheet, exiting 2015 with $39.6 million of net debt, a $1.8 million reduction relative to third quarter results.
- Drilled two horizontal production wells and averaged 3,334 bbl/d of oil production and 3,476 boe/d. Natural gas volumes decreased relative to the Third Quarter of 2015 as the Company continues to increase injection of its produced gas.
- Drilled a vertical test well on the western portion of the Bakken pool, Granite’s final commitment well.
- Granite’s operating netback for the fourth quarter was $22.25 per boe prior to hedge gains, with funds flow of $13.3 million, including hedge gains.
- Achieved operating costs of $5.91 per boe.
- Capital expenditures totaled $8.6 million including $1.7 million for equipment related to the expansion of the EOR scheme.
Click here for the full press release.
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