Welcome!

News Feed Item

Emerald Oil, Inc. Increases Production Guidance and Capital Expenditure Budget

DENVER, CO--(Marketwire - February 04, 2013) -  Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") announces increased production guidance and capital spending budget in conjunction with its signed definitive agreement with White Deer Energy ("White Deer"). Emerald intends to use the proceeds from the $50 million investment by White Deer to purchase additional working interests in its operated drilling spacing units ("DSUs") in McKenzie County, North Dakota and increase the Company's 15-month capital expenditure budget.

Increased Production Guidance

Emerald has increased its production guidance to produce approximately 2,600 barrels of oil equivalent per day ("BOEPD") by year end 2013, which is up from the Company's previous guidance of approximately 2,000 BOEPD.

Increased Capital Expenditure Budget

Emerald has increased its 15-month budget from October 1, 2012 through December 31, 2013 to approximately $110 million, up from previous guidance of $72.5 million. The Company intends to spend approximately $10 million to acquire additional working interests in its operated DSUs in McKenzie County, North Dakota. Emerald intends to increase its average working interest on these operated wells to approximately 75%, up from previous guidance of 50%. As a result, the Company has now budgeted $82.5 million to drill and complete 10 gross (7.5 net) operated wells, up from previous guidance of $55.0 million for 10 gross (5.0 net) operated wells. Emerald maintains its previous guidance of spending $7.5 million to participate in the drilling and completion of 1.9 net non-operated wells over the 15-month period ending December 31, 2013.

Operations Update

During the fourth quarter of 2012, the Company averaged and is currently producing approximately 1,100 BOEPD from its non-operated program. Emerald has successfully drilled two operated wells and is in the process of drilling its third operated well with its continuous 1-rig drilling program in McKenzie County, North Dakota. The first three operated wells are scheduled to be batch completed by the end of the first quarter 2013.

At December 31, 2012, the Company had approximately $10.2 million cash on hand and $23.5 million borrowed under its existing credit facility.

Management Comments

McAndrew Rudisill, Emerald's President, stated, "We are excited to partner with White Deer. Their expertise and experience should prove a significant asset and the additional capital will allow us to increase our interest in our operated wells and accelerate our production growth in the Williston Basin."

About Emerald

Emerald is a Denver-based independent exploration and production company focused primarily on the development of its approximate 47,000 net acres in the Williston Basin in North Dakota and Montana, prospective for oil in the Bakken and Three Forks formations. Following the completion of a pending transaction to sell approximately 31,000 net acres in the Sand Wash Basin in southwest Wyoming, Emerald will hold approximately 14,000 net acres in the Sand Wash Basin in northwest Colorado, prospective for oil in the Niobrara formation, and holds approximately 33,500 net acres in central Montana, prospective for oil in the Heath formation. For more information, visit the Company's website at www.emeraldoil.com.

Forward-Looking Statements

This press release may include "forward-looking statements" within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements regarding the Company's expectations regarding the successful closing of and the amount of proceeds from transactions; expectations regarding the Company's operational, exploration and development plans; expectations regarding the nature and amount of the Company's reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.

Contact

Emerald Oil, Inc.
McAndrew Rudisill
President

or

Marty Beskow
Vice President of Finance / Capital Markets
(303) 323-0008
[email protected]
www.emeraldoil.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
This is going to be a live demo on a production ready CICD pipeline which automate the deployment of application onto AWS ECS and Fargate. The same pipeline will automate deployment into various environment such as Test, UAT, and Prod. The pipeline will go through various stages such as source, build, test, approval, UAT stage, Prod stage. The demo will utilize only AWS services including AWS CodeCommit, Codebuild, code pipeline, Elastic container service (ECS), ECR, and Fargate.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The now mainstream platform changes stemming from the first Internet boom brought many changes but didn’t really change the basic relationship between servers and the applications running on them. In fact, that was sort of the point. In his session at 18th Cloud Expo, Gordon Haff, senior cloud strategy marketing and evangelism manager at Red Hat, will discuss how today’s workloads require a new model and a new platform for development and execution. The platform must handle a wide range of rec...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
Rodrigo Coutinho is part of OutSystems' founders' team and currently the Head of Product Design. He provides a cross-functional role where he supports Product Management in defining the positioning and direction of the Agile Platform, while at the same time promoting model-based development and new techniques to deliver applications in the cloud.
Is it possible to migrate 100% of your data ecosystem to the cloud? Join Joe Caserta as he takes you on a complete journey to digital transformation mapping out on-prem data footprint and walking it to the cloud. Joe will also explain how the modern ecosystem supports Artificial Intelligence and will include business use cases to back each of his insights.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
"We began as LinuxAcademy.com about five years ago as a very small outfit. Since then we've transitioned into more of a DevOps training company - the technologies and the tooling around DevOps," explained Doug Vanderweide, an instructor at Linux Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal ...
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.