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Canadian Bakken E&P Cuts 2016 Capex by Over 50%
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Northern Blizzard Resources Inc. announces its operating and financial results for the three months and year ended December 31, 2015 and 2015 year-end reserves.
2016 Plans: Capital Budget: $40 million (down from $100 million originally planned) Production Guidance: 19,000 BOE/dThe current low oil price environment is a challenge for the oil and gas industry. Northern Blizzard has good liquidity, a well-structured balance sheet, supportive shareholders and high quality, low decline assets that position the Company for long-term sustainability.
Highlights: Significant financial flexibility with bank indebtedness repaid in full in 2015 and an undrawn $475.0 million credit facility. Bonds that mature in 2022 of US$276.3 million with no maintenance covenants. A strong hedge position that…- ✓ Full news archive — U.S., Canada & international coverage
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