Production Rates | Capital Markets | Credit Facility Change
Altura's Credit Facility Doubled; Curtails Production Due to Weak Oil Price
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Altura Energy Inc. reported an update including fourth quarter 2018 production estimates and an increase to its credit facility.
Credit Facility Increased
In December, Altura’s credit facility was increased from $3.0 million to $6.0 million based on an interim review of the Corporation’s reserves following the completion of its summer drilling program.
The Corporation’s credit facility will undergo its annual review in May 2019 utilizing the December 31, 2018 reserve report.
Production - Curtailed Due to Weak Prices
October 2018 production averaged 2,053 Boe per day, exceeding 2018 exit production guidance two months early.
November and December production volumes were voluntarily curtailed in response to weak oil prices caused by wide Canadian oil differentials. December 2018 production volumes are forecasted to be approximately 600 Boe per day (78 percent oil and liquids) and production volumes for the fourth quarter of 2018 are forecasted at 1,400 Boe per day (80 percent oil and liquids), based on field estimates and Altura’s December forecast.
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Credit Facility Change
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