Job Cuts / Downsize / Layoff | Capital Markets
Highwood Oil's Credit Facility Reaffirmed; Cuts Jobs, Salaries to Save Capital
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Highwood Oil Company Ltd. has reported revisions to the Company’s reserve-based credit facility as well as an ops update.
Credit Facility Redetermination
In its most recent redetermination, Highwood's credit facility has been confirmed at $38 million, with the earliest revolving period extended to September 30, 2020 and the term period amended to May 30, 2021.
Highwood anticipates the Credit Facility will provide sufficient liquidity to execute on its second half 2020 business plan having spent $4.2 million in capital through March 31, 2020.
The Company has agreed to a hedging program locking-in forward pricing on 800 bbls/d for a period of one year within sixty days of entering the Credit Facility. The next renewal is set for on or before November 30, 2020.
Cuts Workforce, Salaries
Amidst the reality of the current oil price environment, the Company has continued to try and reduce corporate overhead and field expenses. Corporate overhead improvements have been realized through the following:
- the reduction of full-time staff
- application of government grants including the Canada Emergency Wage Subsidy
- reduction of salaries
The Company has provided a re-organization of field personnel and contractors amongst other operating expense initiatives in order to lower field level costs.
The Company continues to bring on production previously shut-in as a result of the global oil price collapse. Total net Company production today is 1,400 bbl/d of oil.
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