01:16:12 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Hunter Oil Corp (2)
Symbol HOC
Shares Issued 13,070,871
Close 2018-04-23 C$ 0.42
Market Cap C$ 5,489,766
Recent Sedar Documents

Hunter Oil trims 2017 net loss to $3.2M (U.S.)

2018-04-24 10:36 ET - News Release

Mr. Andrew Hromyk reports

HUNTER OIL YEAR-END 2017 RESULTS

Hunter Oil Corp. has filed on SEDAR its consolidated annual financial statements and management's discussion and analysis for the year ended Dec. 31, 2017. Readers are encouraged to visit the SEDAR website to review these documents.

Highlights

Total assets were $36.3-million (U.S.) or $2.78 (U.S.) per common share and the company reported $22.1-million (U.S.) in shareholders equity, representing $1.69 (U.S.) per common share. Due to higher average prices received for oil sales, reduced administrative and workover expenses, the net loss was reduced by 20 per cent to $3.2-million (U.S.) for the year. The company's asset retirement obligations (AROs) associated with the retirement of its oil and gas properties reduced by approximately $5-million (U.S.) representing a 26-per-cent reduction, as a result of field activity and reduced costs through the company's efforts. The company further prepared its assets for an infield horizontal redevelopment of the San Andres formation by successfully obtaining an agreed compliance order (ACO) with the New Mexico Conservation Division, providing Hunter with drill-ready assets.

The company is working diligently to secure financing to develop its 23,000 acres or seek other strategic options for its held-by-production acreage in the two historic Chaveroo and Milnesand oil fields. The redevelopment consists of an infill redevelopment of the San Andres productive zones where vertical wells successfully and economically produced oil. Hunter is debt free and is a 100-per-cent working interest owner. Hunter benefits from the legacy oil field infrastructure that includes existing roads, power, drilling pads and additional infrastructure essential to the operations and redevelopment of the Chaveroo and Milnesand oil fields.

About Hunter Oil Corp.

Hunter Oil owns and operates two large, historic oil fields in the Permian basin of eastern New Mexico -- the Milnesand and Chaveroo fields. Historical production of these two fields is approximately 40 million barrels. The company plans to unlock the value in these resource-rich fields by leveraging existing infrastructure, lowering operating costs and increasing efficiencies of its operations.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.