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BRIEF-Paramount Resources Provides Operations Update

Published 2020-09-14, 08:27 p/m
© Reuters.

Sept 14 (Reuters) - Paramount Resources Ltd POU.TO :

* PARAMOUNT RESOURCES LTD. PROVIDES OPERATIONS UPDATE AND REVISED 2020 GUIDANCE

* ACCELERATING $60 MILLION OF DEVELOPMENT ACTIVITIES AT KARR AND WAPITI FROM 2021 INTO SECOND HALF OF 2020

* SALES VOLUMES EXPECTED TO AVERAGE BETWEEN 62,500 AND 67,500 BOE/D IN SECOND HALF OF 2020

* PARAMOUNT RESOURCES - WAPITI PLANT IS CURRENTLY ANTICIPATED TO BE OPERATIONAL WEEK OF SEPTEMBER 21, 2020

* INCREASING 2020 CAPITAL GUIDANCE TO $225 MILLION FROM $165 MILLION

* PARAMOUNT RESOURCES - EXPECTS SALES VOLUME TO AVERAGE BETWEEN 60,000 BOE/D TO 62,000 BOE/D FOR Q3

* PARAMOUNT RESOURCES - EXPECTS SALES VOLUME TO AVERAGE BETWEEN 67,000 BOE/D TO 72,000 BOE/D FOR Q4

* AT WAPITI, PRODUCTION CONTINUES TO BE SHUT-IN DUE TO UNPLANNED OUTAGE AT WAPITI PLANT

* PARAMOUNT RESOURCES - OPERATOR OF WAPITI PLANT ADVISED PARAMOUNT THAT REPAIRS EXPECTED TO BE COMPLETE AND PLANT OPERATIONAL WEEK OF SEPTEMBER 21

* IMPACT OF THIS OUTAGE IS ESTIMATED AT APPROXIMATELY 2,500 BOE/D FOR SECOND HALF OF 2020

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