Capital Markets | Capital Expenditure | Drilling Program
Canamax Drilling and Completing Additional Well
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Canamax Energy Ltd. has announced that the Company's board of directors has approved additional capital expenditures of $2.8 million for calendar 2015 (all of which are scheduled to be completed by the end of the third quarter).
This amount is in addition to the Company's previously approved 2015 capital expenditure budget of $4.0 million. The additional capital expenditures will be financed from proceeds of the recently completed $2.3 million private placement of flow-through shares and from available working capital.
Canamax is in the process of drilling and completing six vertical Montney wells at Flood pursuant to the previously announced drilling participation and royalty arrangement with Maple Leaf 2013 Oil & Gas Income Limited Partnership. Under terms of that arrangement, Maple Leaf is funding a portion of the costs of these wells.
Canamax is committed to maintaining a strong balance sheet and will continue to review its capital expenditure program for the 2015 fiscal year having regard to a number of factors, including commodity prices.
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