Zephyr Energy Provides Q1 2022 Production Update from Williston Basin

Source: www.gulfoilandgas.com 5/11/2022, Location: North America

Zephyr Energy, the Rocky Mountain oil and gas company, has provided an update on first quarter 2022 hydrocarbon sales from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S.

Williston Basin Sales Update

Q1 sales from the Company's Williston Basin portfolio averaged circa 1,600 barrels of oil equivalent per day ('boepd') net to Zephyr, up from 548 boepd in Q4 2021.

During the quarter, Zephyr sold 144,540 barrels of oil equivalent ('boe'), and net sales to Zephyr were as follows:

- Oil: 109,940 barrels ('bbls') at an average sales price of US$90.11 /bbl

- Natural Gas: 114,096 million cubic feet ('mmcf') at an average sales price of US$5.40 /mcf

- Natural Gas Liquids: 5,584 bbls at an average sales price of US$64.19 per bbl

( Note: First quarter production volumes and average sales prices figures include field estimates in respect of March 2022 gas and NGL sales volumes.)

At the end of Q1 Zephyr had 185 wells available for production, including seven wells that came online during the quarter.

First quarter revenues totalled US$11.5 million net to Zephyr, and Q1 average operating expenditure was US$11.87 /boe demonstrating the high profit margin realised from the hydrocarbons sold during the period.

Williston Basin production outlook

16 new producing wells from Zephyr's existing portfolio are expected to be brought online during the next six months.

The Company has currently hedged just under half of its forecast non-operated production over the next two years. Using an average hedged production price of US$98 for the remainder of the year and using US$90 flat for the remainder of its anticipated production, the Company forecasts a range of US$35-40 million in revenue from production for FY 2022 from its non-operated portfolio based on forecast production range of 500,000 - 550,000 boe during the year.

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