Exploration & Production | Capital Markets | Capital Expenditure | Drilling Program
Chinook Slashes Into 2015 Spending
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Chinook Energy Inc. has announced that it has positive working capital of approximately $75 million and is undrawn on its $125 million credit facility following the recent dispositions of its Karr and Gilby properties.
Chinook also announced a decrease in its 2015 capital program as a result of significantly weaker commodity prices since announcing its original program on October 29, 2014.
Chinook's original program targeted $135 million in capital expenditures with projected 2015 average production growth of approximately 33 percent over 2014 volumes.
Chinook has reduced its 2015 capital program to approximately $45 million to maintain its strong balance sheet and capital flexibility through 2015.
Approximately $25.5 million of capital expenditures will be spent in the first quarter of…
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