Commodity prices continued to rise in the third quarter of 2021, with natural gas increasing 61% to average $3.60 per million cubic feet (“mcf”), and Canadian light oil increasing 68% to average $83.81 per barrel versus the third quarter of 2020. During the third quarter, Clearview acquired Crown land in the Jarvie area of Alberta focused on the developing Clearwater oil play in the region.Oil and natural gas production was reduced in the Windfall area for most of July due to a third party natural gas processing facility upgrade being completed by the operator Production averaged 2,074 barrels of oil equivalent per day (“boe/d”), a decrease of 3%, versus the third quarter of 2020.The Company reduced net debt by $0.5 million in the third quarter of 2021, down to $11.1 million, with a net debt to annualized adjusted funds flow ratio of 1.85:1.“Over the year, we have reduced our net debt by $2.1 million while spending $2.0 million maintaining production, approximately 2,100 barrels of oil equivalent per day, and abandoning 8.4 net wells”, Mr. “During the third quarter Clearview continued to focus on debt reduction while undertaking a second phase optimization program to take advantage of strong oil and natural gas prices”, commented Tony Angelidis, President and CEO of Clearview.
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