Capital Markets | Drilling Activity
Chinook Wraps Up Drilling Three Wells at Umbach; New Credit Facility
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Chinook Energy reported a drilling and credit facility update.
Drilling Update
Chinook has successfully completed its three well (2.62 net) drilling program at Birley/Umbach, announced on November 9, 2016. The drilling of these wells was completed on schedule and under budget by approximately 26% with average drilling costs of approximately $1.28 million per well ($1.12 million, net). The Company expects to complete and tie-in the three wells during the first quarter of 2017.
New Credit Facility
Chinook has secured an $8.0 million demand revolving credit facility with a Canadian chartered bank. Borrowings under the credit facility are limited to $2.0 million subject to confirmation that the foregoing three wells of the Company are on production and producing to the lender's satisfaction. The credit facility is subject to an annual review beginning on June 1, 2017. Chinook estimates its working capital surplus to be $13.5 million at December 31, 2016.
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