PostRock Announces Cost Reductions, Provides Update and Sets 2015 Capex Plan
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PostRock Energy (PSTR) Reports 43% Increase in FY14 Production; Plans Cost Cuts
February 5, 2015 5:39 PM ESTPostRock Energy (NASDAQ: PSTR) provided an update.
Summary
2014 production, at the realized 21:1 gas-to-oil economic equivalency, increased over 2% from the prior-year.Oil production rose to 754 barrels per day, up 43% from the prior-year. December 2014 oil production averaged 929 BOPD. Gas production declined 9% to just over 36.2 MMcf per day.Revenue increased over 15% from the prior-year.Total operating expenses, including lease operating, gathering and G&A, decreased approximately $1.3 million from the prior year.Bank debt decreased nearly 10% to $83 million during the year.Cost reduction initiatives being implemented in... More