Kelt Exploration Reports Record High Production in Q2 2026
Kelt Exploration Ltd., a Calgary-based company, reported its financial and operating results for the second quarter ended June 30, 2026. The company's average production for the three months reached a new record high of 50,388 BOE per day, up 30% from 38,734 BOE per day in the same period last year.
The majority of Kelt's production came from oil and natural gas liquids (NGLs), which accounted for 39% of total production. The company realized an average oil price of $131.65 per barrel, a 60% increase from $82.52 per barrel in the second quarter of 2025.
Kelt's financial results were also impressive, with petroleum and natural gas sales reaching $222.2 million and adjusted funds from operations (AFFO) totaling $108.7 million ($0.53 per common share, diluted). Net capital expenditures for the quarter were $137.9 million, with 79% spent on drill and complete operations.
The company has made significant progress in its Wembley/Pipestone division, drilling and completing 12 Montney wells from three different pads. Kelt plans to drill and complete additional wells in the area, targeting both the Montney D3 and D4 zones.