What is Galleons production rate?
Average production was 16,076 BOE/d for the second quarter of 2009, 1% lower than the average production of 16,191 BOE/d for the second quarter of 2008. Daily production volumes varied by product as follows: light oil decreased by 7%; and heavy oil decreased by 56%; natural gas increased by 14% and natural gas liquid increased by 13%.
Based on field estimates, production averaged 13,525 BOE/d in the fourth quarter of 2010. Galleon expects second half 2010 production to average approximately 13,675 BOE/d (70% natural gas and 30% oil and liquids). During Q4 2010, production was impacted by unanticipated events including delays in fracture operations, the northern Kakut Montney gas pool transitioning to an oil pool which results in increased future cash flow, a significant oil well transitioning from flowing to pumping and pipeline apportionments. Production in 2011 is expected to average 14,500 BOE/d (31% oil, 3% liquids and 66% natural gas).
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