Zephyr Energy’s revenues from its non-operated assets in the Williston Basin, North Dakota rose 24% to US$14.3mln in its latest quarter.
Sales volumes averaged 1,856 barrels of oil equivalent per day against 1,600 boepd in the preceding three months and 148 boepd in this period in 2021, with a product mix of 73% crude oil, 15% natural gas and 12% natural gas liquids.
As a result, revenues rose to US$14.3mln net to Zephyr, up from US$11.5mln in the first quarter, with operating income of US$10.1mln after costs.
At the end of the period 195 wells in the portfolio were available for production, said Zephyr, including 10 wells that came online during the quarter while a further 30 are expected to come on stream by the end of 2022.
Zephyr reiterated its 2022 production and revenue guidance of US$35-40mln in net non-operated revenue from 500,000 to 550,000 barrels of oil equivalent.
Colin Harrington, Zephyr’s chief executive, added: “Having completed six discrete acquisitions, our non-operated asset base is a now diverse mix of 195 low-risk, high margin producing wells operated by some of the strongest companies in the Williston Basin.
“With a further 30 wells expected to come online over the next six months, the platform is demonstrating its capacity for future organic growth.
"It's an exciting time for Zephyr and we look forward to keeping shareholders regularly updated on progress in the coming weeks. In particular, we look forward to commencing the upcoming drilling programme on the Paradox project. “