Canbriam Energy Announces 2017 Capital Budget of $295 million and Provides an Operational Update on the Development of its Altares Montney Asset
Canbriam Energy Inc. ("Canbriam" or the "Company") has approved $295 million in capital expenditures for 2017, which reflects an increased pace of development of its liquids rich Montney resource and ongoing construction of the recently sanctioned Phase 3 of the 100% owned Altares processing facility. Phase 3 is designed to add an additional 120 million cubic feet per day of natural gas processing capacity once commissioned in late 2018 and will take total processing capacity to 330 million cubic feet per day or approximately 60,000 boe/d including liquids.
Canbriam maintains the flexibility to adjust activity levels dependent on commodity prices and capital spending is expected to be funded from internal cash on hand, cash flow and existing credit facilities. Canbriam continues to assess opportunities to access both debt and equity markets to support its capital structure.
Canbriam also provides an operational update on the development of its Altares Montney asset, located west of Fort St. John, BC, highlighted by an overview of 2016 results including an update on its reserve additions.
"2016 was another strong year as Canbriam demonstrated full cycle profitability despite ongoing commodity price volatility," said Paul Myers, Canbriam President & Chief Executive Officer. "Our integrated development strategy, which includes 100% owned processing and water handling infrastructure, translated into a low operating cost structure that supports value creation."
Capital Budget and Financial Information
(1) Non-IFRS financial measure. Return on capital employed is calculated as EBIT/tangible capital employed. EBIT is earnings before interest, taxes, unrealized gains/loss from risk management and other capital related charges. Tangible capital employed calculated as adjusted net working capital plus net fixed assets
Production and Well Results
Risk Management & Marketing
Independent Reserves Evaluation and Related Oil and Gas Information (2)
Please refer to our website www.canbriam.com for more details which will be provided in our corporate presentation on March 16, 2017.
Canbriam Energy Inc. is a private intermediate exploration and production Company with a focus on liquids rich natural gas. Its principal producing properties and acreage positions are in the Altares Montney of Northeast British Columbia, which has been substantially de-risked to support its development plans. The Company was founded in 2007 and is headquartered in Calgary, Alberta with an office in Fort St. John, British Columbia.
SOURCE: Canbriam Energy Inc.
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