ENP Newswire -
Release date- 10062014 -
Arcan's total credit commitment has been reduced from
Under the amended terms, Arcan's credit facility matures on
The credit facility is comprised of a
Arcan continues to advance its core objective of delivering sustainable and profitable production funded by funds from operations, while maintaining a strong focus on production optimization, cost management and capital efficiency. The Corporation plans lower capital investments during the second and third quarters of 2014, when access to the
ANNUAL AND SPECIAL GENERAL MEETING
Arcan's annual and special meeting is scheduled for
Chief Executive Officer
Tel: (403) 262-0321
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words 'will', 'plans', 'continue', 'expect' and similar expressions are intended to identify forward-looking information or statements.
In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things, the following: Arcan's credit facility and the maturity date, expected benefits and repayment terms thereof, the Corporation's business plans and objectives including its plans for capital spending and the ability of the credit facility to provide Arcan with the ability to execute its 2014 capital program.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Arcan including, without limitation: that Arcan will continue to conduct its operations in a manner consistent with past operations; the accuracy of current horizontal production data, historical well production and waterflood recovery results; the general continuance of current or, where applicable, assumed industry conditions; continuity of reservoir conditions across Arcan's
Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon.
Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: for reasons currently unanticipated, Arcan's production rates may not increase in the manner currently expected; the application and modification of horizontal, multi-stage fracture technologies including the application of additional fracture stimulation stages may not have the impact currently anticipated by Arcan; Arcan's capital spending and operational plans for 2014 may not be completed in the timelines anticipated, in the manner anticipated or at all and the execution of such plans may not have the results currently anticipated by Arcan; water injection may not have the impact on production currently anticipated by Arcan;
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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