Exploration & Production | Capital Markets | Capital Expenditure
DeeThree Ups CapEx, Credit Facility; Eyes Alberta Bakken
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DeeThree Exploration Ltd. has reported that its current syndicate of lenders have committed to an increase to the Company's credit facility to $135 million from $90 million.
The increase in the credit facility is expected to be finalized in late April 2013.
As a result of better than expected, and generally improving, drilling results, the Company has increased its guidance for 2013 as follows:
The Company has increased its 2013 capital expenditure budget primarily to expand facility infrastructure to accommodate future oil production increases in the Company's two core oil fields, the Brazeau Belly River and the Ferguson Alberta Bakken.
In particular, the Company has commenced the process for the construction of a new 6" main pipeline at Brazeau to transport oil and natural gas from…
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