TORC’s 2Q15 quarterly report overlaid our estimates on both a production and cash flow basis in a relatively quiet quarter of E&D operations while integrating the recent 4,750 boe/d Southeast Saskatchewan acquisition. Management continues to uphold its original 2015e guidance where it is expected to generate average volumes of 15,400 boe/d and an exit target of over 18,200 boe/d. This would be generated from a $125 mm capital outlay, which we suspect could ultimately come in lower due to recogni ....
