Granite Oil Corp. announced the operational results for the third quarter of fiscal year 2018. For the quarter, the company reported Granite has drilled three development wells in 2018, including one testing its crown lands in enhanced oil recovery (‘EOR’) Pod 4 and two in EOR Pod 2. All three wells were successful and have resulted in the highest average yearly type curve to date since the company’s inception. Considering the heavily discounted price environment, the company does not plan to drill any new wells for the remainder of 2018. Further, Granite shut-in five wells (approximately 160 bbl/d) late in the third quarter, and is using its gas flood EOR scheme to increase pressure in these wells with plans to bring them on at higher rates in a stronger price environment. With previous success in smaller test areas, this strategy has the potential to effectively reduce required maintenance capital going forward. With a large number of potential infill drilling locations and strong drilling results, the Company has optionality should differentials narrow or should it make further headway on price mitigation strategies. Granite did not drill a well in the third quarter and maintained average production of approximately 1951 bbl/d (100% oil), with capital expenditures of $0.7 million. The Company had approximately $3.1 million of funds flow (net of $2.0 million in hedging losses) and paid $2.4 million in dividends. Granite did not take on additional debt in the quarter and exited with net debt of approximately $47.1 million.