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E&P Bets More Cash on the Montney; Ups Budget Over 50%
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Athabasca Oil Corporation reported its 2016 second quarter results and an operations update. During the quarter the Company continued to progress its operational targets in both business divisions and bolstered its financial position through the closing of two strategic transactions.
Key Points: In the Light Oil division, Athabasca has increased its capital budget to $102 million net (from $47 million net). Defined and Material Growth in Light Oil - a scalable operated Montney position and funded Duvernay development through the joint venture with Murphy Oil Company Ltd. Thermal Oil Leverage to Commodity Prices - successful ramp-up of Hangingstone Project 1, a low decline asset with significant cash flow torque and minimal capital requirements in the initial years of operations. Financi…- ✓ Full news archive — U.S., Canada & international coverage
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