Impact: Neutral. TORC's 2Q15 quarterly report overlaid our estimates on both a production and cash flow basis on a relatively quiet quarter of E&D operations while integrating the recent 4,750 boe/d Southeast Saskatchewan acquisition. Given relative economics, the Company will be deferring its remaining Monarch drilling program into 2016e and will instead focus on its Southeast Saskatchewan core where they will drill 16.5 net additional wells (15 of which will be targeting conventional horizons) ....
