CALGARY, ALBERTA–(Marketwired – Nov. 3, 2015) – Delphi Energy Corp. (TSX:DEE) (“Delphi” or the “Company”) is pleased to report that it has closed the previously announced disposition of its working interests in producing properties, facilities and infrastructure and undeveloped land in the greater Hythe area for proceeds of $12.0 million.
Details of the divested assets are as follows:
- Production for the seven months ending July 31, 2015 averaged approximately 1,050 barrels of oil equivalent per day (“boe/d”), consisting of approximately 5.9 million cubic feet per day of natural gas and 64 barrels per day of natural gas liquids (11 bbls/mmcf of NGL’s).
- Total undeveloped land in the greater Hythe area of 78,508 net acres.
Delphi continues to navigate this very challenging environment with a singular focus on its core Bigstone Montney asset.
The greater Hythe area disposition, the second significant strategic non-core disposition this year, further improves the Company’s financial flexibility. The Hythe and Wapiti gross disposition proceeds of $62 million have reduced net debt by 33 percent, with neither asset significant contributors to the Company’s cash flow generating capability in this environment.
The Company’s efforts at Bigstone are successfully improving well productivity, driving down capital costs, grinding operating costs lower and alleviating TCPL transportation issues. All of these successes are contributing to a long term sustainable business model.
Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.