Crew Energy Inc. reported operating results for the first quarter ended March 31, 2020. For the quarter, the company's Light crude oil daily production was 215 (bbl/d) compared to 226 (bbl/d) a year ago. Heavy crude oil daily production was 1,527 (bbl/d) compared to 1,608(bbl/d) a year ago. Condensate daily production was 3,340(bbl/d) compared to 2,617(bbl/d) a year ago. Other natural gas liquids daily production was 2,288(bbl/d) compared to 2,014(bbl/d) a year ago. Natural gas daily production was 99,144(mcf/d) compared to 100,542(mcf/d) a year ago. Total Production was 23,894 boe per day.

The company reported for the first quarter ended March 31, 2020 impairment tests on the cash generating units that resulted in a $267 million non-cash impairment charge against Crew's property, plant and equipment.

The company maintained production guidance for the full year of fiscal 2020. The company announced that notwithstanding its plans to shut-in over 4,000 boe per day of productive capacity in May and June, the company's strong first quarter production performance has allowed the Company to maintain annual production guidance of 20,000 boe to 22,000 boe per day.