(MENAFN- ProactiveInvestors) () a Canada-based open-ended trust reported lower oil and gas production in the fourth quarter. Shares fell.
Production was 6528 barrels of oil equivalent per day producing funds flow from operations of $14.8 million or $0.23 per unit the Calgary Alberta-based trust said in a statement today.
That compared with 6747 boe/d produced in the year-earlier period which produced funds flow from operations of $18.3 million or $0.31 per unit.
The trust said the previously announced strategic review is ongoing and it will provide an update when it completes and releases its year-end financial statements expected in mid-March.
The trust also reported proved reserves of 21.3 million boe and proved plus probable reserves of 38.0 million boe.
Argent said its reserve life index (RLI) for proved reserves is 8.9 years and proved plus probable reserves is 16.0 years based on fourth-quarter production of 6528 boe/d.
Its 2014 oil and gas development capital expenditures were C$66.6 million compared to 2013 capital expenditures of $105.8 million.
Shares fell 2.4 percent to C$0.610 at 9:47 a.m. in Toronto expanding losses over the past three months to 42 percent.
The trust whose main objective is to create consistent returns for investors through the acquisition and development of oil and natural gas reserves and production with low risk exploration potential owns operates and manages oil and gas properties located in South Texas Oklahoma Kansas and Wyoming the United States with drilling prospects focused in the Eagle Ford and Wilcox formations.
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