Tourmaline Oil Corp. has further reduced the 1H 2016 capital spending program. The Company is in a fully-funded position from cash flow for 2016 and 2017 capital programs.
The Company currently intends to execute the base case 2016 EP program, spending approximately $350-375 million of the full-year $1.1 billion EP program in the first half of 2016, less than the originally-planned $450 million 1H budget and less than currently-anticipated 1H 2016 cash flow.
This reduction will have no impact on the planned 200,000 boepd 2016 average production guidance. The Company currently has approximately $625 million of available capacity on its bank facility, which is committed to June 2019.