Yangarra Announces 2021 First Quarter Financial and Operating Results
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Yangarra Resources
Yangarra" or the "
Company") (TSX: YGR) announces its financial and operating results for the three months ended March 31, 2021.
During the first quarter, Yangarra continued its disciplined approach to controlling costs on operations and capital spending by successfully drilling seven wells and completing eight wells below previous guidance on cost estimates. The emphasis on a profitable growth strategy resulted in delays to bringing these wells on stream as the Company purposefully maximized use of company owned services to minimize costs. As of April, all the wells completed in the first quarter are on production. Yangarra's focus on cost reduction has established a cost base that will allow for significant improvements on profitability into the future. The Company expects these profits will maximize free cash flow which will initially reduce debt and ultimately translate into returns to shareholders.
Yangarra Announces 2020 Year End Financials, Operating Results and Reserves
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Yangarra Resources
Yangarra" or the "
Company") (TSX: YGR) announces its financials, operating results and reserves for the year ended December 31, 2020.
2020 was a volatile year with many challenges for the oil & gas industry in North America. Yangarra quickly responded to COVID-19 in early 2020 by reducing the capital program to zero until August 2020. Although this resulted in a decline in production, the Company worked to streamline operations and internalize third-party capital expenditures. As a result, Yangarra achieved lower drilling & completion costs which it expects to maintain as industry activity ramps up. In 2021, the Company has embarked on several ESG initiatives to address methane emissions, is working on creating a stronger management structure and plans to diversify the board of directors by adding two new members.