2014 was another solid year for President's Louisiana operations with an estimated operating profit, subject to audit, of approximately US$5m, with an average production level of 225 boepd and a 2014 exit rate of 230 boepd. The effect of lower oil prices is being mitigated by reduced operating expenses, the continued utilisation of tax losses and new producing wells.

Despite the lower oil price environment, prospects for 2015 are encouraging. The resilience of our operations is largely due to the present and forthcoming contributions from two existing non-operated carried producing wells, one at East White Lake field and the other at East Lake Verret, which are expected to off-set the decrease in revenue due to lower oil prices.

Tags: President Energy