Zephyr Energy PLC chief executive Colin Harrington said he was "thrilled" with the first month's contribution from the company's newly acquired interests in the Williston Basin in North Dakota.
The oil and gas group received US$6mln of cash in March, he said in a statement, while production from the portfolio (net to Zephyr) averaged 1,643 barrels of oil equivalent per day (boepd).
That was ahead of previous expectations and a record-breaking quarter for the company, he added.
Zephyr paid US$36mln in February for around a 4% interest in the Williston Basin portfolio, which is operated by Whiting Petroleum (NYSE:WLL).
At the end of March, Zephyr had 185 wells at the licence available for production, including seven wells that came online during the first quarter of the year.
An additional 16 wells are expected to be brought online over the next six months.
Harrington added: "It is almost exactly 12 months since we announced Zephyr's first non-operated acquisition in the Williston Basin, and I'm absolutely delighted with the rapid growth and strong cash flows generated by the five portfolio acquisitions completed to date.
“Our non-operated portfolio is now an excellent balance of 185 low-risk, high margin working-interests (WIs) alongside strong operators, with another 16 wells expected to come online over the next six months.”
Harrington added that the cashflow will fund the development of Zephyr's flagship Paradox project, where a three-well drilling programme is planned for the second half of this year.
A competent person’s report on Paradox Basin is due in the coming days, he added.