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BRIEF-Crew Energy approves 2016 capital expenditure of $74 mln

Published 2016-01-04, 04:41 p/m
© Reuters. BRIEF-Crew Energy approves 2016 capital expenditure of $74 mln

Jan 4 (Reuters) - Crew Energy Inc CR.TO :
* Announces 2016 capital budget focused on maintaining balance sheet strength,
reducing costs while increasing production by 28%
* Says board of directors has approved a 2016 capital expenditure program of
$74 million
* Says target annual production volumes ranging between 23,000 and 25,000 boe
per day in 2016
* In 2016, forecasts year-over-year production per share growth of about 23%
with a 28% increase in annual average production volumes
* Plans to complete and tie-in 18 wells which will include 2016 drills and
wells previously drilled in 2015
* Says plans to maintain total debt of $235 to $250 million in 2016
* Says continue to focus on cost reductions with a forecasted 27% decrease in
operating costs per boe to $6.00 to $6.50 in 2016
* Estimating year end debt level of about $235 million, representing a draw of
less than 34% on the company's credit facility
* Says fourth quarter 2015 production is expected to average approximately
20,800 boe per day

* Source text for Eikon ID:nMKW1yt9Za

* Further company coverage CR.TO

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