Finance & Investing | Production Rates | Forecast - Production | Capital Markets | Drilling Program
Striker Exploration Funds Belly River Acquisition with Equity
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Striker Exploration has announced a planned acquisition of Crown land in the Belly River area.
Equity Financing
- Contemporaneous with the Acquisitions, Striker has announced a $8.0 million non-brokered equity financing.
- Pursuant to the Financing, Striker will issue up to 5.41 million common shares of the Company at a price of $1.48 per Common Share. The Financing is subject to customary conditions, including receipt of all regulatory and stock exchange approvals, and is expected to close on or about August 5, 2015. The Common Shares will be subject to a 4 month hold period from the date of issuance.
- The proceeds from the Financing will be used to fund the purchase price of the Acquisitions. Net debt after the completion of the Acquisitions and the Financing is anticipated to be approximately $11 million.
Operations Update
- As previously announced, the Company intends to drill 5 (4.3 net) Belly River horizontal oil wells at Thorsby and Wilson Creek. The first well is expected to spud in late July 2015. Results from these wells are anticipated to be released in Q4 2015.
- Production averaged 2,350 boe/d in Q2, based on field receipts, compared to guidance of 2,300 boe/d. Current production, excluding all volumes (~350 boe/d) currently curtailed due to TCPL service restrictions in Striker's Brazeau area, is estimated at 2,640 boe/d compared to guidance of 2,500 boe/d average for Q3.
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