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Yangarra 2016 Plans: Nine Cardium / Duvernay Wells
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Yangarra Resources Ltd. announces its financial and operating results for the year ended December 31, 2015 as well as its 2016 capex.
2016 Capital Budget and GuidanceThe Company's Board of Directors has approved an initial capital budget of $24 million in 2016.
The capital budget includes drilling of eight Cardium wells in the second half of 2016 and the completion of the standing Duvernay well.
The budget is expected to increase the Company's annual production to 2,750 - 3,000 boe/d with cash flow from operations estimated at $22 million .
The Company expects year-end 2016 debt of $63 million resulting in a debt to annual cash flow ratio of 2.9 to 1 with debt to cash flow improving to less than 2 to 1 on fourth quarter annualized cash flow. The budget assumes an average price of…
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