CALGARY, A.B. – Saguaro Resources has announced they plan to ramp up capital spending in 2017 and 2018 in Northeast B.C.
On Thursday, Saguaro Resources announced they had closed the placement of $50 million of secured notes, and recently expanded its syndicated revolving credit facility from $65 million to $105 million.
“With this funding we plan to ramp up our capital spend in 2017, 2018 and beyond. Our high free condensate yield and low drilling and completion costs provide very attractive economics at current strip prices. Saguaro’s goal is to more than double our 2016 exit production rate of 12,000 boe/d by the end of 2018” said Stacy Knull President & CEO.