Trilogy’s 4Q15 production was 4% lower than an cipated at 24,172 boe/d, however cashflow (net of one-time items) was in line with our expectations. Reserve growth per share was 13% and F&D was $14.09/boe on a 2P basis with Management elec ng to book an expanded 5-year development program, largely due to improved production history and further well control in key plays. PDP reserves decreased 20% per share y/y. With only minor changes to our proforma outlook and thesis on the evolution of its cor ....
