Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/by_province/africa/chinook-energy-reduced-2015-capital-program.shtmlChinook Energy reduced 2015 capital program
Chinook Energy Inc. has positive working capital of approximately $75 million and is undrawn on its $125 million credit facility
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Chinook Energy Inc. has positive working capital of approximately $75 million and is undrawn on its $125 million credit facility following the recent dispositions of its Karr and Gilby properties. Chinook also announced a decrease in its 2015 capital program as a result of significantly weaker commodity prices since announcing its original program on October 29, 2014.
Chinook's original program targeted $135 million in capital expenditures with projected 2015 average production growth of approximately 33 percent over 2014 volumes. Chinook has reduced its 2015 capital program to approximately $45 million to maintain its strong balance sheet and capital flexibility through 2015.
Approximately $25.5 million of capital expenditures will be spent in the first quarter of 2015 and approximately $8.6 million in the second quarter. In addition, Chinook will shut-in approximately 300 to 500 boe/d of lower netback production in 2015.
