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Update: Emerald Oil Announces Q4 Production Of 4,101 BOEPD

Emerald Oil (EOX) announced Q4 production of 4,101 BOEPD and a 2014 exit rate of 5,110 BOEPD. This is significantly higher than its previous December guidance for Q4 production of 3,300 BOEPD and an exit rate of 4,600 BOEPD. For comparison, its November guidance for Q4 production was 4,300 BOEPD with an exit rate of 5,110 BOEPD. The higher-than-expected production may be due to a combination of the impact of new wells (it brought five wells online in mid-to-late December, and those wells would probably account for a substantial proportion of December production) and extending the replacement of electric submersible pumps with rod pumps further into 2015. In its December update, Emerald mentioned that it was attempting to not prolong the change process out into 2015, but the latest update mentions that the changes are expected to be finished next week. As a result, the associated downtime probably affected Q1… Read More …