Legacy Oil + Gas Inc. announce its capital and operating budget and associated production guidance for 2015. In the current environment of low oil prices, the Company is focusing on capital preservation and maintaining liquidity under reduced cash flows by reducing discretionary spending and high grading opportunities.
The budget sustains production and accomplishes the strategic objective of progressing and accelerating the Company's numerous waterflood opportunities, while emphasizing flexibility to increase or decrease investments as the pricing environment dictates.
The Company plans to spend less than cash flow in 2015. The capital program will continue to be monitored as the pricing environment dictates and further opportunities to reduce capital are currently being evaluated.