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Connacher Oil and Gas Freezes Capex
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Connacher Oil and Gas Limited has announced its financial and operating results for the quarter-ended September 30, 2015.
(all amounts are in Canadian dollars unless otherwise noted).
Highlights Q3 2015 blending costs decreased 45% to $17.3 million (Q3 2014 - $31.6 million ), primarily due to lower diluent pricing and a reduction in the diluent blend ratio Q3 2015 funds flow used was $19.3 million (Q3 2014 - funds flow of $5.4 million ). The decrease in funds flow in Q3 2015 was primarily due to lower adjusted EBITDA and an increase in non-cash-working capital, partially offset by lower interest on long-term debt as the 2018 and 2019 senior secured second lien notes were exchanged for common shares as part of the recapitalization transaction which closed on May 8, 2015 In Q3 2015…- ✓ Full news archive — U.S., Canada & international coverage
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