Exploration & Production | Forecast - Production | Capital Markets | Capital Expenditure
Spyglass Resources Chops 2015 Capex To The Bones
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Spyglass Resources Corp. announces revised 2015 capital program and production guidance.
As a result of the sustained decline in commodity prices, Spyglass has revised its 2015 capital budget to $8 million from the previously announced $26 million . This reduced program is based on an average 2015 WTI price of approximately US$50 per barrel and will focus primarily on maintenance capital initiatives with the majority of drilling projects deferred until commodity prices improve.
The Company is revising production guidance to 9,000 boe/d as compared to 10,000 boe/d announced previously, incorporating the reduced capital program and uneconomic shut-in production. Spyglass is implementing cost reductions necessary to manage through this challenging commodity price environment, while focusing on holding debt near current levels.
Spyglass Resources Corp. is an intermediate oil and natural gas company, headquartered in Calgary, Alberta and currently operates oil and gas properties in Western Canada
Operating Areas
Enlarge Image Source : Sypglass December 2014 Presentation
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