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Canadian Bakken E&P Ups 2016 Capex
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Northern Blizzard Resources Inc. announces a 46 (42.3 net) well drilling program and an amended credit facility.
Increased 2016 capital programNorthern Blizzard has increased its 2016 capital program to $55 million from $40 million , which includes the drilling of 46 (42.3 net) wells. The Company expects to drill the wells in the third quarter of 2016 with the drilling program focused on the Cactus Lake, Winter and Coleville areas.
The drilling program is expected to result in fourth quarter production of over 20,000 boe/d and a modest increase to annual 2016 production. Based on a WTI price of US$50 /bbl for the remainder of the year, funds from operations are expected to increase by $15 million to $135 million .
Northern Blizzard operates and controls over 95% of its development…
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