Dundee Energy Limited Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter Ended June 30, 2017
Production volumes during the first quarter of 2017 averaged 10,238 Mcf/d against 10,872 Mcf/d a year ago of natural gas and 436 bbls/d against 490 bbls/d a year ago of oil and liquids. Reductions in production volume reflect the expected natural depletion of the Corporation's resources. Production volumes during the second quarter of 2017 averaged 10,310 Mcf/d (three months ended June 30, 2016 - 10,799 Mcf/d) of natural gas and 482 bbls/d (three months ended June 30, 2016 - 493 bbls/d) of oil and liquids. Due primarily to financial constraints, the Corporation has limited its capital works and development initiatives, which has temporarily curtailed the potential for further exploitation of its producing properties. Field netbacks during the three months ended June 30, 2017, before realized amounts related to derivative financial instruments, were $1.68/Mcf (three months ended June 30, 2016 - $0.05/Mcf) from natural gas and $32.84/bbl (three months ended June 30, 2016 - $15.69/bbl) from oil and liquids.