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Toro Oil and Gas has announced the commencement of its $10 million first phase 2015 drilling program in the Hamilton Lake and Consort areas.
Toro plans to drill a program of low-risk development and flow-through eligible oil wells in this initial phase. As a result of the current commodity price environment, the Company has observed significant reductions in drilling and completion costs and anticipates continued capital efficiencies throughout its entire drilling program. The results from this program are expected to be released before the end of the third quarter 2015.
Barry Olson, President and CEO said: "We are encouraged with the prospects of Toro's first round of drilling in the Alberta Viking light oil fairway. By implementing horizontal drilling paired with the latest completion technology we look forward to the first phase drilling results on this high-quality asset base that is largely undeveloped to date."
Toro currently holds greater than 125 net sections of land in the Viking light oil fairway.
In conjunction with the closing of the PVR, Toro has reconstituted its total $25 million credit facility to be comprised solely of a development line. Previously, the $25 million total credit facility consisted of a $10 million development line and a $15 million operating line. The composition of the overall credit facility will be re-examined upon completion of Toro's first phase drilling program. As of this date, no amounts are drawn under the credit facility.
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