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Northern Blizzard Resources provides financial and operational updates


Published Jul 7, 2015
Northern Blizzard Resources Inc.

Northern Blizzard Resources Inc. announces the followiing updates: •Production for the second quarter of 2015 was approximately 21,600 boe/d as compared to 22,469 boe/d in the first quarter of the year. Production for the first half of 2015 was approximately 22,030 boe/d. •Operating costs for the second quarter of 2015 were approximately $17.40 per boe. Operating costs were approximately $16.80 per boe for the first six months of 2015, a 20% decrease compared to the first half of 2014. Northern Blizzard is benefiting from ongoing cost saving measures implemented across all operating areas. •Northern Blizzard has an active hedging program in place to protect prices on crude oil volumes and maintain the stability of cash flows. We have WTI hedges in place for 0.9 million barrels (5,000 bbl/d) for the second half of 2015 at an average price of C$91.36/bbl, 4.2 million barrels (11,500 bbl/d) in 2016 at an average price of C$78.33/bbl and 0.7 million barrels (2,000 bbl/d) in 2017 at an average price of C$79.89/bbl. •Northern Blizzard's $530 million credit facility was reconfirmed by its lending syndicate.

Annual guidance for 2015 remains unchanged.

Tags: Northern Blizzard Resources Inc.




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