CALGARY, Alberta, Dec. 08, 2022 (GLOBE NEWSWIRE) — Crew Energy Inc. ( TSX: CR ; OTCQB: CWEGF ) (“Crew” or the “Company”), a growth-oriented natural gas weighted producer operating in the world-class Montney play in northeast British Columbia (“NE BC”), is pleased to announce that our Board of Directors (the “Board”) has approved a capital expenditure budget for the full year 2023 (the “2023 Budget”), along with unveiling a new, longer-range asset development plan that builds on the successful execution realized with our 2020 two-year plan. Having provided preliminary guidance for the first half of 2023 (“H1/23”) within our Q3 2022 results press release , Crew is pleased to share details of our 2023 Budget, along with our preliminary longer-range plan through 2026 (the “Four-Year Plan”) 1 . Successful execution of this Four-Year Plan would position Crew to significantly increase production, targeting average annual volumes of approximately 61,000 boe per day 2 upon completion. In addition, the Four-Year Plan sets the stage for the Company to realize further enhanced margins and increased adjusted funds flow (“AFF”) 3 , while maintaining conservative leverage metrics of approximately one times or less net debt 3 to last twelve months (“LTM”) EBITDA 4 […]
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