American Eagle Energy announces an operations update and production guidance; has suspended its 2015 operated drilling budget and does not anticipate resuming drilling operations until crude oil prices improve:
- The Company recently monetized all of its crude oil hedge positions for December 2014 through December 2015, generating proceeds of $13 mln. The hedges represented approximately 414,000 barrels of oil at an average price of $89.59 per barrel. Proceeds will be used to improve American Eagle's liquidity position.
- The co notes it has no outstanding indebtedness on its senior secured revolving credit facility that had an initial borrowing base of up to $60 mln as of August 27, 2014. Effective December 24, 2014, the borrowing base was reduced to zero.
- The co notes that given current crude oil prices, American Eagle has suspended its 2015 operated drilling budget and does not anticipate resuming drilling operations until crude oil prices improve.
- The Company expects to conduct completion operations in the first quarter of 2015 on two gross (1.9 net) wells (Byron 4-4 and Shelley Lynn 4-4N) that were drilled during the fourth quarter ended December 31, 2014. These operations are estimated to require a capital expenditure of ~$4.5 mln in 2015.
See MarketWatch at WSJ.
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Big News Of The Day: Los-Angeles Based Fatburger To Cuba
Fusion.net is reporting:
For the past half-deacde (sic), Los Angeles-based Fatburger has aggressively expanded into locations that don’t exactly scream America-friendly: Saudi Arabia, Pakistan, and soon Libya. Their overseas push is based on a finding that, given rising global obesity rates, may not seem too surprising: People around the world love American burgers, shakes and fries.Memo to self: while in LA, get a photograph of Fatburger.