Dome Energy gives production update for February and March 2019
Dome Energy AB (publ) (herein after “Dome” and/or “the Company”) provides production update for February and March 2019, showing a daily production of 747 BOEPD respective 725 BOEPD before royalties.
Paul Morch, CEO: “We are happy to announce our production numbers for the month of February of 747 BOEPD and for the month of March of 725 BOEPD. Production is lower due to the sale of non-core assets and natural decline of the existing properties. Dome has closed on several small asset, located in Arkansas, Oklahoma and Texas. Production from these assets was approximately 75 BOEPD, and the sales reduced our debt with more than $2.2mm, with proceeds and debt forgiveness.
Dome expects to replace this production and continue to grow through continued grass roots drilling in the Illinois Basin, completion of 1 DUC in the Illinois basin and returning several wells to production throughout our Texas, Illinois Basin and Wyoming Assets. We are pleased with the performance of our first non-op well in the Illinois Basin and will provide an update next month after a full 45 days of production.
During February oil production was 11,039 BOE and during March oil production was 10,226 BOE which represents a drop-in production of 13% and 20% respectively when compared to January numbers. This is primarily due to the asset sales mentioned. Gas production has remained relatively flat month to month with some fluctuation as workovers are performed on our non-operated wells. The total production during February was 23,168 BOE and during March was 22,506 BOE. When compared to January this represents a drop-in production of 8% and 10% respectively.
Units are in BOE
Excludes assets that where divested
Certain accruals have been made based on delayed revenue from non-operated assets
Numbers are unaudited and not consolidated with Dome Energy AB
For further information, please contact:
Paul Morch, CEO
Phone: +1 713 385 4104
The information was publicized, by the above contact person April 9th, 2019, 15:00 CET.
About Dome Energy
Dome Energy AB. is an independent Oil & Gas Company publicly traded on the Nasdaq First North exchange in Sweden (Ticker: DOME). Mangold Fondkommission AB, phone: +46 8 503 01 550, CA@mangold.se is the Company’s Certified Adviser. Headquartered in Houston, Texas, the Company’s focus is on the development and production of existing onshore Oil & Gas reserves in the United States. For more information visit www.domeenergy.com.