StonePoint Energy Inc. (TSXV: STO.V) provided year-end 2014 financial and operating results on April 22. Audited financial statements were filed with Sedar, the company added.
In fourth-quarter 2014, StonePoint closed the recapitalization of Blackdog Resources. Before the year ended, StonePoint built an initial position in the Valhalla area--five sections (three net) of highly prospective Montney lands.
The company also recompleted an existing vertical well by fracture stimulating 3 meters of perforations in the Mid-Montney. After two days of well production tests, the final gross rate was 0.7 million cubic feet per day and 300 psi flowing tubing pressure.
The company is planning a follow-up horizontal well.
A small exploration position targeting the Dunvegan Formation in the Valhalla/Elmworth area was also acquired. If the well is successful, there could be enough cash later in 2015 to support more drilling opportunities, the company said. StonePoint had CA$15 million in cash at year-end 2014.
For the second half of 2015, the company expects a CA$3.5 million to CA$4 million capital budget.
There are 2,218 barrels of oil equivalent per day (Mboe/d) in proven plus probable gross reserves. Total proved gross reserves are 1,029 Mboe.
StonePoint has considered several potential acquisitions, both corporate and asset-based.
Calgary, Alberta-based StonePoint Energy Inc. works in the Western Canadian Sedimentary Basin.
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