Exploration & Production | Capital Markets | Capital Expenditure
Marquee Earmarks 2014 Budget; To Focus on Light Oil Ops
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Marquee Energy Ltd. has reported its preliminary 2014 capital budget and development program.
Upon completion of the previously announced deal with Sonde Resources, the Company expects to execute a $45 million capital program for 2014. The capital budget is designed to focus on oil opportunities in Marquee's two core areas, Michichi and Lloydminster , and is intended to be fully funded using forecasted cash flow from operations and its available credit facility. Marquee anticipates drilling approximately 14 Michichi horizontal wells and six Lloydminster vertical wells. The Company expects to have total credit facilities of $85 million on a pro forma basis post-closing of the Transaction, based on a letter of intent from Marquee's lender.
With the Sonde acquisition, Marquee has extended…
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