Ante5, Inc. reported financial results for the first quarter of 2011 and issued an operational update on the company’s oil and gas activities on properties in the western United States.
Ante5 has oil and gas properties in North Dakota that are prospective for the Bakken and various other formations. This was the company’s first full quarter operating as an oil and gas company.
Ante5 reported oil and gas production of 1,254 barrels of oil equivalent (BOE) during the first quarter of 2011. The company said that 93% of this production was composed of crude oil with the balance natural gas and other liquids.
Ante5 has a working interest in seven producing wells and twelve wells that are either waiting to be drilled or waiting on completion. The company generated $97,000 in revenues and realized $81.84 per barrel for its oil volumes.
Ante5 acquired additional oil and gas acreage during the first quarter of 2011, and added acreage in Dunn, Billings and Stark Counties in North Dakota. The company has 13,800 net acres under lease or under contract to purchase.
Ante5 said that it would continue its development program in 2011, and has $5.7 million in cash to use for selected projects.
For more information on the company, go to www.ante5oil.com