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Deethree Reduces Operating Costs, Q1 Capital Spend

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Deethree Reduces Operating Costs, Q1 Capital Spend

Deethree Exploration Ltd. has reported its 2014 year end oil and gas reserves.

At December 31, 2014 DeeThree has increased its proved plus probable reserves by 31% to 51.8 mmboe as compared to the prior year. DeeThree's reserve additions were predominately a result of the successful 2014 drilling program.

2015 Guidance The Company continues to prove up the depth and quality of its two core properties while simultaneously reducing capital costs. With approximately 93% of the 2015 budget being directed towards drilling and completions, the Company will demonstrate measurable improvement in capital efficiencies. DeeThree maintains a high level of financial flexibility with year-end 2014 net debt of $170-175 million relative to a bank line of $310 million. In addition, the Company has over…
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