Debt | Production Rates | Oil Sands Projects | Capital Markets | Capital Expenditure
BlackPearl Growing Onion Lake Production in 2016
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BlackPearl Resources Inc. has announced the renewal of its credit facilities and provide initial 2016 guidance for the Company.
Highlights: Our credit facilities were renewed, with the borrowing base maintained at $150 million; The 2016 capital budget was set at $15 million, reflecting the current low oil price environment. Excess cash flow will be used to repay debt. Current debt of $92 million is expected to be reduced to $70-$75 million during 2016; Despite the challenging price environment and limited capital investment, average daily oil production is expected to increase over 25% in 2016 compared to 2015. Renewal of Credit Facilities BlackPearl's lenders completed their semi-annual review of our credit facilities and have agreed to maintain the borrowing amount available to the…- ✓ Full news archive — U.S., Canada & international coverage
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