- On October 22, 2021, Razor Energy closed a private placement of shares with Alberta Investment Management Corporation
- The company generated $9.7 million of net income in Q3, due primarily to a $12.1 million gain related to the acquisition of additional working interests
- Production averaged 3,567 boe/d in Q3 which represents a 13 per cent increase from Q2 2021
- The company expects a decrease in operating costs in Q4 2021 due to higher production levels
- Razor Energy Corp. (RZE) is down 8.06 per cent, trading at $0.57 at 1:25 pm EST
Razor Energy Corp. (RZE) has announced its third-quarter 2021 financial and operating results.
On October 22, 2021, Razor closed a private placement of shares with Alberta Investment Management Corporation raising $1,890,000.
Reactivation work in both operated and non-operated properties has increased current production to approximately 4,700 boe/d based on field estimates. The company expects to exit 2021 with production at 5,000 boe/d or higher.
Net income generated $9.7 million, primarily due to a $12.1 million gain related to the acquisition of additional working interests in the Swan Hills area.
Production averaged 3,567 boe/d in Q3, a 13 per cent increase from Q2.
Work began on the Geothermal Power Generation Project in Swan Hills with an estimated completion timeline within the first quarter of 2022.
The Geothermal Project will be capable of generating up to 21 MW of grid-connected power, of which up to 30 per cent will be sustainable clean power generation.
Production volumes in Q3 averaged 3,567 boe/d representing a 13 per cent production increase from Q2 2021.
The company expects a decrease in operating costs in Q4 2021 due to higher production levels, offset by higher workover activity.
During the third quarter of 2021, Razor invested $3.9 million in its Geothermal Project. The Company also capitalized $0.1 million of costs related to operated and non-operated turnaround activities executed in the prior quarter. As of September 30, 2021, Razor has received $10.5 million in government grants since its inception to support its Geothermal Project.
Razor did not initiate any projects requiring a capital raise in the quarter.
Razor is a Canadian-based junior oil and gas development and production company focused on acquiring and producing oil and gas from properties primarily in Alberta.
FutEra leverages Alberta’s resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally.
Blade Energy Services is a subsidiary of Razor. Operating in west-central Alberta, Blade’s primary services include fluid hauling, road maintenance, earthworks including well site reclamation and other oilfield services.
Razor Energy Corp. (RZE) is down 8.06 per cent, trading at $0.57 at 1:25 pm EST.