Matra Petroleum AB: Update on Matra Petroleum's operations and drilling program
29 Aug 2017
Source: Matra Petroleum AB August 29, 2017 07:15 ET
Against the background of Hurricane Harvey's devastating effects and unprecedented flooding in Southern Texas, U.S.A, Matra Petroleum provides the following update on operations and well completions.
Matra Petroleum operates in the Texas Panhandle in northern Texas. Hurricane Harvey has not affected this region and Matra Petroleum's operations continue without interruption. All 10 new wells drilled in 2017 have now been completed and put on production. Matra's oil and gas production continues to increase and currently amounts to approximately 750 boe per day, gross, out of which approximately 55% is oil and 45% is natural gas and natural gas liquids. As previously reported, the average gross daily production in the second quarter 2017 amounted to 674 boe per day. Matra continues to execute the strategy to add more productive wells and lower production costs per boe to further improve profitability.
For further information please contact: Maxim Barskiy, Managing Director, Matra Petroleum AB Tel.: +46 8 611 49 95
This information is information that Matra Petroleum AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 29 August, 2017, at 13:15 CET.
About Matra Petroleum Matra Petroleum AB (publ) is a Swedish independent oil and gas exploration and production company operating in the United States, where the company owns and operates 136 leases, covering an area of 38,800 net acres in the Panhandle region in Texas. Matra's reserves amount to 22.9 million barrels of oil equivalent. Matra Petroleum 's shares are traded on NASDAQ First North in Sweden under the symbol MATRA.Mangold Fondkommission AB is Certified Adviser (www.mangold.se Tel: +46 (0) 8 50 30 1550).