Oklahoma City-based Equal Energy Ltd. (NYSE: EQU) detailed its year-end 2013 financial results, the company said March 17.
Capex had been between $38 million-$41 million at original guidance. But for the year, capex was $35.6 million, below guidance due to unexpectedly low drilling costs, the company said. Due to the low costs, 12 wells were drilled for the original budgeted cost of 10, the company noted.
Cash flow was $30 million, Equal Energy said, noting that cash flow would have been stronger due to higher revenues, which resulted from improved commodity prices and unexpectedly low field level costs.
Additionally, the company said that full-year 2013 production was within guidance at 6,448 barrels of oil equivalent per day (boe/d), the company said, noting that throughout the year production centered on Oklahoma properties only, and that proceeds from the 2012 northern Oklahoma asset sale repaid outstanding debt.
Equal Energy Ltd. is an oil and natural gas exploration and production (E&P) company with assets in the Hunton property.
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