Tourmaline Oil Corp. (TSE:TOU) shares climbed on Monday after the company reported record production volumes during the latter half of last month following the start up of its Wild River and Banshee gas plant expansions.
The crude oil and natural gas producer, which is focused in the Western Canadian Sedimentary Basin, posted daily production volumes of a record 111,200 barrels of oil equivalent per day (boepd) during the second half of December. It has estimated 18,500 boepd of additional production from wells already drilled and completed that will be tied in to Tourmaline facilities over the next few weeks.
It said it expects to reach the 2014 forecast average daily production level of 118,000 boepd in the second half of February, with more volumes coming on stream in March.
The company is planning to bring between 60 to 65 new wells on stream by spring break-up in late March, it noted.
Separately, in an operations update, the company said its most recent six-well Montney pad in Sunrise-Dawson produced an initial combined rate of 70 million cubic feet per day of natural gas, with two of the wells already producing a combined rate of 2,100 bpd of condensate from a new Montney horizon. Several step outs to this horizon are planned for the first half of the year, Tourmaline added.
Its stock jumped 3.7% in Toronto on Monday, to C$46.34. In the past 12 months, the stock has gained more than 51.5%.