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Whitecap Increases Production Guidance for 2016
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Whitecap Resources Inc. reported that as a result of the encouraging results obtained from the consolidation of its working interest at Boundary Lake in northeast British Columbia it has increased its 2016 production guidance and has entered into a $95 million bought deal equity financing.
Whitecap's Boundary Lake asset which is currently under waterflood was originally acquired in May 2014 and was producing 1,150 boe/d at that time. The property is a conventional waterflood asset which requires lower capital cost open-hole completions resulting in excellent capital efficiencies. The waterflood has been maintained since 1965 resulting in a very low and predictable annual decline rate of less than 5%.
In late December of 2015, Whitecap consolidated its interest at Boundary Lake for total…
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