Tuesday, January 13, 2015 1:22:25 PM
On September 16, 2014, the first SAGD well pair started producing oil from our joint Sawn Lake oil sands properties. We received our first revenue late in September of 2014 from the sales of our produced oil. The following table discloses our Company’s share of production and average sales price for the last three fiscal years:
Oil
Production(2) Average Sales Price per Unit Average Production Costs per Unit
Fiscal Year (bbls) ($/bbl) ($/bbl)
Peace River Oil Sands, Alberta, Canada:
2014(1) $ 818.6 $ 61.77 $ (3 )
2013 $ – $ – $ –
2012 $ – $ – $ –
(1) First production began September 16, 2014.
(2) Our Company’s working interest share before royalties.
(3) Currently all of our operating costs from the SAGD Project are being paid by the Farmee under the terms of the Farmout Agreement
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