ARC Quarterly Report

2009 -- Third Quarter Highlights

-- Production for the quarter was 62,824, a decline compared with Q2 2008 - despite this ARC continues to expect full year production of between 63,000 and 64,000 boe per day;
-- Cash flow from operating activities was $125.6 million a significant decline from the $251.4 million achieved in the comparable quarter in 2008. This decline was due to a 49 per cent decrease in commodity prices in the third quarter of 2009 compared to the same period in 2008;
-- Executed a $96.2 million capital expenditure program in the third quarter of 2009 that included: drilling 11 oil wells in the Ante Creek, Pembina and Goodlands areas, drilling six natural gas wells in the Dawson area, and spending $11 million on the new gas plant at Dawson. Of the wells drilled in the third quarter, two natural gas wells and seven oil wells were completed;
-- Board of directors have approved a $575 million capital program for 2010 that will encompass considerable growth;
-- ARC plans to convert to a Corporation on January 1, 2011. The Board of Directors has approved the overall strategy and currently the detailed implementation steps are being defined;
-- To learn more download the PDF below for full results...

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Full Quarterly Report (231KB)