Wednesday, May 10, 2017 2:56:04 PM
n summary, the initial projected average production was 40 barrels of oil equivalent per day ("BOEPD")* in June 2016, when Molori made its first investment into Ponderosa. For the month of March 2017, production averaged 412 BOEPD, a ten-fold increase in daily average production. This production increase is due primarily to an aggressive work-over campaign to return non-producing wells to production, while keeping Lease Operating Expenses ("LOE") below USD$15 per barrel due to tight cost controls.
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