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Chinook Develops Montney Position in 2015; Updates Reserves
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Chinook Energy Inc. announced the results of its year-end reserve evaluation effective December 31, 2015 as prepared by its independent evaluator. The Company has also provided an operations update.
Operational Update and Unaudited 2015 Year-End ResultsChinook's average daily production for fiscal year 2015 was 5,637 boe/d. Average production for the fourth quarter of 2015 was 3,928 boe/d and the Company exited 2015 at approximately 4,472 boe/d. Projected funds from operations for 2015 is estimated at $9 million or $0.04 per weighted average basic common share outstanding. Chinook exited 2015 undrawn on its $50 million credit facility and with an approximate $30 million working capital surplus.
During 2015, Chinook focused on the development of its Montney acreage at Birley/Umbach in…
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