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CALGARY, Alberta, Dec. 21, 2018 (GLOBE NEWSWIRE) — Altura Energy Inc. (“Altura”, or the “Corporation”) (TSXV: ATU) is pleased to announce a corporate update including: fourth quarter 2018 production estimates; an increase to its credit facility; and the closing of a previously announced asset acquisition for cash consideration of $1.0 million. PRODUCTION UPDATE October 2018 production averaged 2,053 Boe per day, exceeding 2018 exit production guidance two months early. November and December production volumes were voluntarily curtailed in response to weak oil prices caused by wide Canadian oil differentials. December 2018 production volumes are forecasted to be approximately 600 Boe per day (78 percent oil and liquids) and production volumes for the fourth quarter of 2018 are forecasted at 1,400 Boe per day (80 percent oil and liquids), based on field estimates and Altura’s December forecast. The Canadian oil differentials have significantly narrowed for January 2019 deliveries and Altura expects to be producing at full capacity in the new year, subject to any pipeline apportionments. The recent 325,000 barrels per day curtailment of oil production announced by the Government of Alberta does not apply to the Corporation’s oil production. REVISED CREDIT FACILITY In December, Altura’s credit facility was increased […]
