May 23, 2018 - 9:00 AM EDT
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Jupiter Reports First Quarter 2018 Results and Revised 2018 Guidance

Canada NewsWire

CALGARY, May 23, 2018 /CNW/ - Jupiter Resources Inc. ("Jupiter" or the "Company") today reported financial and operating results for the first quarter of 2018. In addition, the Company has updated 2018 guidance, reducing planned capital expenditures from $255-265 million to $165-175 million.

Jupiter has scaled back its 2018 capital program in response to the weak near-term outlook for AECO natural gas prices.  "We have decided to protect our long-term financial liquidity and to put our growth plans on hold until we see a strengthening in AECO natural gas prices," said Simon Bregazzi, Jupiter's CEO.

"In addition, recently we have shut-in at times up to 100 million cubic feet equivalent per day (MMcfe/d) of production to preserve resource not protected by our financial hedges.  Numerous factors inform our decision to shut-in beyond simply the spot price of gas, but it is reasonable to assume that if we encounter market conditions similar to last summer, we could shut-in up to 200 MMcfe/d of production if warranted," added Simon.

Jupiter's first quarter financial results have been posted to the investor portal on the Company website. The Company will be hosting a conference call to discuss results on May 24, 2018.

Conference Call

Date:

Thursday, May 24, 2018

Time:

9:00 a.m. MT (11:00 a.m. ET)

Dial-in Numbers: 

Local – Calgary:  587-880-2171


Local – Toronto:  416-764-8688


Toll Free – North America: 888-390-0546

 

Forward Looking Statements

Certain information set forth in this release contains forward-looking statements, which are provided to allow investors to better understand our business. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Jupiter's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management and services, stock market volatility, changes in environmental regulations, tax laws and royalties and the ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Jupiter's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits that Jupiter will derive therefrom. Jupiter disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Jupiter Resources Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2018/23/c4305.html

Investor Contact: Ryder McRitchie, VP Capital Markets & Public Relations, [email protected], (587)-747-2649Copyright CNW Group 2018


Source: Canada Newswire (May 23, 2018 - 9:00 AM EDT)

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