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Long Run Brings Capex Downward; Suspend Dividend
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Long Run Exploration Ltd. has announced a revised 2015 capital budget, suspension of dividend and update on operations.
Current Economic Environment & Dividend SuspensionAs a result of a volatile and uncertain commodity price environment, and current oil and natural gas prices significantly below our previously forecast 2015 assumptions, Long Run's Board of Directors and management have prudently decided to reduce our 2015 capital budget to $100 million and suspend our monthly dividend. The success of our drilling program has led us to conclude that it is in the long term interest of our shareholders to redirect funds to maintaining operational momentum in our key areas. These measures will help to ensure that we can continue to deliver on a sustainable long term business model.
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