Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/argent-energy-trust-to-reduce-2015-capital-budget.shtmlArgent Energy Trust to reduce 2015 capital budget
Argent Energy Trust announces that in response to the current commodity price environment, it is reducing both its 2015 capital budget by approximately
Edit page New page Hide edit links
Argent Energy Trust announces that in response to the current commodity price environment, it is reducing both its 2015 capital budget by approximately US$19.5 million and reducing its monthly distribution to $0.01 per unit commencing with the distribution for January 2015 due for payment on February 23, 2015.
As previously announced, the Board of Directors approved a preliminary capital budget for 2015 of US$39.5 million with a targeted annual production for 2015 of approximately 6,500 boe/d. Given that current and future oil prices have fallen significantly since that time, the board has cut the 2015 capital budget in half to a level of approximately US$20 million.
