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Altura IDs 2016 Plans; Drill Seven Wells
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Altura Energy Inc. reported its financial and operating results for the three months and year ended December 31, 2015.
2016 Capital Budget Highlights: $11 million Capex Drill 7 wells Looking ahead to 2016, with a cash position of approximately $22.1 million and no debt at the end of the fourth quarter of 2015Altura’s original budget announced November 23, 2015, provided for a 2016 capital budget ranging between $5.0 and $11.0 million. With the improvement in the crude oil forward strip from the lows seen in early 2016, the Corporation is planning a 2016 capital development budget totaling $11.0 million to be funded with cash flow from operating activities and working capital. The budget includes drilling up to seven gross (6.4 net) horizontal wells targeting the Upper Mannville…
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