Past year: ▲ 53%(6.25 – 11.00 USD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2006farm in farm out agreement● Neutral
Whittier listed its oil and gas swaps and collars held at November 1, 2006, covering periods through 2008. This updates the June 2006 hedge table; no new deal or result is announced. The filing is categorized as a farm-in/farm-out agreement but it describes only hedging.
14 July 2006farm in farm out agreement● Neutral
Whittier listed its oil and gas price hedges (swaps and collars) in place at June 30, 2006, including new contracts added with the Westhoff Ranch purchase. These run through 2008 and are meant to reduce the effect of price swings on future sales; no new agreement or deal is announced. The filing is categorized as a farm-in/farm-out agreement but it describes hedging, not a farm-in.
3 Mar 2005drilling progress report▲ Good
Whittier finished drilling Scott & Hopper #4 (9,725 feet), with logs showing about 30 feet of net pay in the main target and over 50 feet in shallower sands; completion and testing are planned for March 2005. This fulfils the nine-month drilling commitment from the June 2004 South Texas acquisition; the second commitment well must spud by Dec 31, 2005. Rachal #1 was perforated in February and is to be fracked and tied in during March. Results are preliminary, with no production figures yet.
31 Jan 2005drilling progress report▲ Good
Whittier reported it drilled and set casing on the Rachal #1 well in Webb County (23 feet gross pay, 16 net; 30% working interest) and is preparing to spud Scott & Hopper #4 in Brooks County, a roughly $1.9 million well, in late January 2005. Spudding before March 16, 2005 meets the nine-month drilling commitment from the June 2004 South Texas acquisition; a second well must start by Dec 31, 2005 or 50% of the remaining undeveloped acreage interest goes back to the seller. The release also repeats the Grant Thornton auditor appointment.
8 Nov 2004drilling progress report▲ Good
Whittier announced two new prospects: the Rachal Prospect in Webb County, Texas (30% working interest, operator, Rachal #1 well expected to spud before year-end, estimated $550,000 cost) and the Amber Prospect in New Iberia Parish, Louisiana (30% operated interest, test well planned for Q1 2005, estimated $750,000). It also bought an additional 11% average interest in the Rayne Field, Louisiana for about $174,000, raising its operated interest to about 33%, and reported six more Greater Mayfield, Oklahoma wells completed since Q2 (15 producing in total, net production up to 1 Mmcfd from 425 Mcfd). This adds new drilling plans and small acquisitions to its Texas and Louisiana operations, building on the Mayfield minor interests held earlier.
18 May 2004drilling progress report▲ GoodMajor
By this filing the company is Whittier Energy Corporation, incorporated in Nevada, so the reincorporation and name change appear to have been completed (inference from the filing's header). It bought an average 73% operated working interest in the Cut Off Field, Lafourche Parish, Louisiana for $1.65 million, paid with $650,000 of working capital and $1.0 million from its Compass Bank revolving credit line, and increased its Bonnie View Field interest to 71.38% for about $95,000. It plans to drill the Schirmer 1-19 well in May 2004, will sidetrack the Cavenham Forest 5-1 well in the Beaver Dam Creek Field, hired EnerCom for investor relations, and moved headquarters to 333 Clay Street, Houston.
