This passage from the last earnings report tells us the important facts:
"Production averaged 789 boe/d during this most recent quarter as no new production was placed on-stream and the sale of our Suffield, Sask. oil property and natural declines limited the positive impact of the Killam discovery well that commenced production in mid February of this year. The two development wells drilled in Killam during the second quarter are now on production and the pool is producing approximately 400 barrels per day of water-free clean oil net to Rival's account. The Company presently plans to drill two additional wells in this pool over the next 30 days.
Success in Robsart has resulted in an increased drilling program being proposed for the area and additional wells have also been approved for the Company's W4M and W5M areas of exploration. Rival expects to drill at least another four wells in these areas over the next sixty days, with additional drilling proposed for the fourth quarter to follow-up on the positive results from these programs.
Rival expects the results from this drilling program to continue the Company's growth momentum and drive production to exceed its exit rate target of 1200 boe/d. At the same time, Rival is making considerable progress in its effort toward establishing an additional core area within central W5M and the Peace River Arch (W6M) areas of Alberta. The Company is very interested in gaining a foothold in these areas in order to complement its shallower oil and natural gas opportunities with a few higher impact oil and natural gas plays. Rival will be increasing its technical manpower over the next thirty days and believes that with this additional strength and the Company's cash flow, we can now support participation in these areas.
This last sentence predicted the hiring of the two drilling/exploration managers today. Additionally the private placement ensures that they are committed to the company's success. The company ends up with $750K to use for an aggressive drilling program and two new experienced technical staff. Feels like Rival is getting ready to make a run towards 2,000bpd in 2005. For sure, we know that they are drilling 6 new wells during q3 that should add to production in q4. Bobwins
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