17/04/2008 - 12:27

Sun Resources says record production in March 2008

17/04/2008 - 12:27

Bookmark

Save articles for future reference.

Subiaco-based oil and gas exploration company Sun Resources NL has received record revenues from its US operations during March 2008, providing over A$200,000 of net operating revenue for the month.

Sun Resources says record production in March 2008

Subiaco-based oil and gas exploration company Sun Resources NL has received record revenues from its US operations during March 2008, providing over A$200,000 of net operating revenue for the month.

Sun Resources participates in the exploration and production of oil and gas within a highly prospective portion of the onshore South Texas, Gulf of Mexico through a number of successful Joint Ventures.

The company's primary producing projects include the Flour Bluff Gas Project and Project Margarita in South Texas and the Lake Long Project, onshore in Louisiana, also on the Gulf Coast.

Cumulative production and subsequent net revenues across Sun Resources' various producing assets achieved record highs during March 2008, with continuous production from all wells throughout the 31 days of the calendar month.

Gross production from these assets has achieved average daily rates in excess of 7.0 mmcf/d gas and 137 bbl/day oil and/or condensate.

Sun Resources' Net Royalty Interest share of revenue from this production will deliver in excess of A$200,000 to Sun Resources for the month.

Sun Resources managing director, Matt Battrick said this represents a two-fold increase on production and revenue for the corresponding period a year ago, and demonstrates the continuing success of the board's strategy to increase revenue from the USA.

"This outcome demonstrates another positive step toward delivering on our strategy to increase the US revenue stream over the next 12-18 months, providing the cash we need to reinvest in other high impact opportunities within our portfolio, particularly onshore Thailand," said Mr Battrick.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options