Eagle Energy Inc. Revises Capital Budget and Production Guidance for the Year 2016
February 12, 2016 at 11:43 pm IST
Eagle Energy Inc. revised capital budget and production guidance for the year 2016. The company's board has approved a revised 2016 capital budget of $5.0 million from $10.2 million (revised to $3 million for its operations in the United States and $0.8 million for its operations in Canada, previously $7 million for its operations in the United States and $0.9 million for its operations in Canada).
Despite this reduction, 2016 production guidance has been reduced by only 5%. The company intended to remain disciplined by managing capital expenditures and maintaining target project economics based on current realized commodity prices.