Production Restart | Capital Markets | Credit Facility Change | Curtailment/Shut-In
Pipestone's Credit Line Reaffirmed at $225MM; Restarts Production at Shut-In Wells
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Pipestone Energy Corp. has reported an update to its credit facility as well as its operations.
Credit Facility Reaffirmed at $225MM
In the latest redetermination of its credit facility, Pipestone Energy's lenders (consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and Canadian Western Bank) has been reaffirmed at $225 million.
Approximately $184 million of the facility has been drawn by Pipestone as of June 2020.
As part of the amendment to its Credit Facility, the Company is restricted from spending more than $65 million of capital in 2020 without unanimous consent from its banking syndicate.
Shuts In Wells Being Put Back Online
Due to very low Edmonton condensate pricing during May 2020, the seven wells on the recently tested 6-24 pad were shut-in for the month.
With oil prices improving over the past two weeks the Company is gradually bringing wells from the 6-24 pad back on-stream. The recently completed six well 6-30 pad is also now available for production, with installation of wellsite facilities recently completed for $0.5 million per well which is the lowest equipping and tie-in cost achieved to date at Pipestone. As previously disclosed, the 6-30 pad is a pacesetter on all-in realized DCE&T cost at $5.5 million (2,440m lateral & 2.3 T/M proppant loading).
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