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Oil Surge: Production Rockets 45% Higher
18 Aug
Summary
- Total revenue surged by 45% year-over-year to $98.9 million.
- Oil production averaged 21,866 BOE daily, with 72% liquids.
- Drilling efficiency improved, saving costs on well completion.
Prairie Energy announced substantial financial gains for the second quarter of 2026. Total revenue saw a remarkable increase of approximately 45% compared to the previous year, reaching $98.9 million. Oil revenue contributed significantly to this figure, amounting to $93.5 million.
Production averaged 21,866 barrels of oil equivalent (BOE) per day, with liquids constituting about 72% of this output. The company also reported improved drilling efficiency, successfully completing 8 out of 12 wells in a single run, with all finishing below budget. A notable achievement includes drilling a three-mile lateral in one run.
Further operational enhancements involved implementing a smaller 7-7/8-inch hole design, which is projected to save over $40,000 per well without compromising design integrity. This strategy is slated for broader application. In the first half of 2026, revenue reached $182.3 million, a 125% increase year-over-year.
