Hyperion Exploration Corp.(TSXV:HYX) announced highlights from 2011 and a 2012 operations update. The Company reported significant growth since 2010. Hyperion also announced the date for its Annual General meeting, it will take place on June 13, 2012.
2011 Highlights include:
- Average 2011 production of 989 boe per day versus guidance of 950 boe per day. This is a 783% increase compared to the 2010 production average of 112 boe per day.
- In 2011 Hyperion expended total capital, including acquisitions, of $52.7 million, fully $6.6 million or 11% less than budget, while still achieving 2011 production guidance.
- Excluding acquisitions in 2011, capital spending was $27.3 million compared to guidance of $33.0 million.
- Hyperion drilled 10 gross (8.4 net) wells targeting light oil in 2011. Of these, 7 gross (5.4 net) wells were drilled horizontally in the Cardium formation.
- Increased Q4 2011 production by 242% year over year to 1,322 boe per day. Approximately 75% of growth was through development of Hyperion’s Cardium horizontal light oil inventory with the remainder associated with the Garrington acquisition.