Sefton Resources, an independent oil and gas exploitation and production company with interests in California and Kansas, has said it looks forward to 2013 with confidence, as its operations continue to progress as planned.
In California, preliminary oil production totalled 4,353 barrels of oil, compared to 3,422 barrels actually produced in November.
Jim Ellerton, Chairman of the board said: "The board believes that 2013 will prove to be a successful year for Sefton. This is a year when many separate value creating initiatives at our 100%-owned oil and gas projects in both California and Kansas have been scheduled to come to fruition.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"California oil production in December 2012 continued the improving trend witnessed over recent months as the company begins to see the benefits of the acidisation and steaming of the Yule wells ahead of the resolution of the water disposal issues. We look forward to the completion of the thermal stimulation report on Tapia and absorbing the results of this detailed analysis to plan the future development of this field.
"This year will see the establishment of two new revenue streams in Kansas from the conventional oil and gas Exploration & Production and natural gas Transmission operations. I look forward to updating investors on the good progress being made in Kansas over the coming weeks."
Despite the upbeat report the share price dipped 2.17% to 1.12p.
NR
-
ScottishPower launches half-price electricity at weekendsNews ScottishPower is offering 50% off electricity at weekends, which could slash hundreds off your bill. We look at who can get it and how to apply
-
Trump calls “tariff” the “most beautiful word in the dictionary”, but investors may disagreeDonald Trump has promised to slap Mexico, Canada and China with new tariffs on day one of his presidency. What does it mean for the economy and investors?
