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Perpetual Defers Completions Until 2H 2016; Restricts Spending
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Perpetual Energy Inc. reports its financial and operating results for the three months ended March 31, 2016.
Highlights: Production and Operations In light of the persistent deterioration of commodity prices, Perpetual continued to restrict its capital spending programs. Exploration and development spending of $4.8 million during the first quarter of 2016 was primarily allocated to west central Alberta for drilling one (1.0 net) natural gas well at East Edson. Completion of this well has been deferred to later in 2016 subject to a recovery in natural gas prices.First quarter average production of 18,378 boe/d was down 19 percent compared to the first quarter of 2015, reflecting natural declines as well as reduced volumes associated with the second quarter 2015 West Edson property swap…
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