Javelin Energy Hedges Natural Gas Production
Javelin Energy Inc. has entered into a fixed price swap hedge arrangement with respect to a portion of its natural gas production. Under the arrangement, the Company hedged 1,260 mcf/d commencing March 1, 2008 and terminating on October 31, 2008, at a price of $7.44 CDN per mcf based upon AECO prices.
The Company also announces, that as a result of its expense reduction initiatives, it has reduced its field operating costs. Current expense efficiencies have also reduced the Clear Prairie gas processing facility costs. Further cost reductions are also anticipated as a result of the recently announced Fortress Energy/AltaGas Pipeline Agreement. As part of a management restructuring and in order to reduce G&A costs, the Company announces that David Thomas has resigned as President. Mr. Thomas' duties will be assumed by the Chairman and Chief Executive Officer, Brian Fraser with assistance from the Company's independent engineering and industry consultants.