Granite Oil Corp. Provides Operations Update for the Year 2017; Reports Production Results for the Month of February 2018; Reports Capital Expenditure for the Year 2017; Provides Capital Expenditure Guidance for the Year 2018
The company is budgeting a further reduction of capital in 2018 to approximately $13 million, which is designed to continue to increase its PDP reserves and their net present value.
Based on field estimates, February 2018 production was approximately 2,300 bbls/d of oil.
In 2017, the company invested approximately $18.8 million of capital expenditures (unaudited) all organically, including approximately $3.0 million of exploration, into its 100%-owned Bakken oil property. This represents a decrease of approximately 27% in year over year development spending.