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CALGARY, Alberta – (PIPE – TSX) Pipestone Energy Corp. (“ Pipestone Energy ” or the “ Company ”) is pleased to report its Q4 and full year 2020 financial and operational results, as well as provide an update to its development program and corporate guidance for 2021 and its three-year outlook. “ I am very excited to provide our fourth quarter and full year 2020 results, as well as revised 2021 guidance and an updated three-year business plan” , said Paul Wanklyn, President and CEO. “Due to the improvement in forecast oil and condensate prices, we have shifted the fully-financed three-year capital spending profile forward, accelerating the timeframe to reaching our production target of ~40,000 boe/d and material free cashflow generation. At our base price forecast of US$55 WTI, free cash flow of $40 million is expected in 2022, increasing to $125 million of free cash flow in 2023. At US$65 WTI, in line with current oil prices, this would increase to approximately $190 million of free cash flow in 2023. Pipestone expects to be well positioned to accelerate shareholder value through initiatives including, but not limited to, accelerated de-leveraging, share buybacks or paying a dividend.” FOURTH QUARTER 2020 […]
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