Louder Than Words: Action Renews $34M Revolving Credit Facility

Action Energy announced its 2008 Capital and Operating Budget. The Company has taken a conservative production maintenance approach to its budgeting for 2008 in an effort to live within its financial means for the year while continuing to test its high-impact exploration areas. To that end, the Company's bankers have renewed the Company's $34 million revolving credit facility. This credit facility is reviewed in July and December each year.

In an effort to provide a measure of certainty for cash flow toward funding of the capital and operating budget, the Company has entered into two costless collar hedging contracts. The first is a contract for 1.58 mmcf/d of natural gas with a floor of C$7.00/mcf and a ceiling of C$8.46/mcf from April 2008 until March 2009. The second is a contract for 150 bbl/d of oil with a floor of C$80.00/bbl and a ceiling of C$ 94.80/bbl from April 2008 to December 2008. The volumes hedged under these contracts represent less than 25% of 2008 total forecast average production.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Manager Strategic Supply Chain Sourcing Job
Expertise: Project Controls|Purchasing|Supply Chain Management
Location: Denver, CO
Strategy & Performance Director Job
Expertise: Budget / Cost Control|Business Analyst|Business Development
Location: Denver, CO
Associate Sourcing Specialist or Sourcing Project Specialist Job
Expertise: Project Controls|Project Management|Supply Chain Management
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours