Progress Energy Resources Releases Q3 Results In Line With Expectations


Recently released Q3 results indicate that Canadian natural gas producer Progress Energy Resources (PRQ:TSX) generated cash flow per share (CFPS) of C$0.22 and produced an average of 42,937 barrels of oil equivalent per day.

The CFPS generated was slightly below investment bank Canaccord Genuity's prediction of C$0.25 and the prediction of research firm Macquarie Equities Research of C$0.24. Both Canaccord and Macquarie attributed this shortfall in CFPS to unplanned production outages which reduced total output levels to 4 percent below Canaccord's estimate of 44,700 barrels of oil equivalent per day and 5 percent below Macquarie's estimate of 45,244 barrels of oil equivalent per day.

The company maintained its previous 2011 exit production guidance of 50,000 barrels of oil equivalent per day. Progress also advised that its 2011 capital expenditures program was increasing to C$400 million from infrastructure investments, a truncated timeline for development of North Motney and land purchases.

Progress Energy Resources Corporation closed at C$14.80 on October 27 and hit a 52-week high/low of C$15.65 and C$10.52, respectively.