CALGARY, April 25, 2013 /CNW/ – Yangarra Resources Ltd. (“Yangarra” or the “Company”) (TSX-V:YGR.V) provides an operations update, announces an increase to its credit facility and files its Annual Information Form.
Yangarra’s new Ferrier gas processing facility (100% working interest), constructed under budget and ahead of schedule, was put into service April 10, 2013. The Company’s facility is currently ramping up to its full capacity of 12 mmcf/d with six of eight standing wells now on-stream. Current Company production is approximately 2,500 boe/d.
First quarter production is expected to average 1,800 boe/d, with approximately 200 boe/d shut in due to the drilling of new wells on existing pad sites. The Company expects minimal capital expenditures during Q2 2013 with the contracted drilling rig racked for breakup.
Credit Facility Increase
Yangarra has entered into an amended and restated credit facility agreement (“Facility”) with Alberta Treasury Branches (“ATB”) which will increase its credit facilities to $50 million. The Company’s credit facility was increased to $45 million immediately, with a further increase based on budgeted production levels in September 2013. The other terms of the Facility remain unchanged. The next scheduled review is May 31, 2014 and the current amount drawn on the facility is approximately $37 million.
Annual Information Form
The Company’s Annual Information Form will be filed on SEDAR (www.sedar.com) and is currently available on the Company’s website:
The Annual Information Form includes the Company’s reserves and resource data for the period ended December 31, 2012 as evaluated by Deloitte LLP and other oil and natural gas information prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
Yangarra has also previously filed its audited financial statements and accompanying notes for the year ended December 31, 2012 and related Management Discussion and Analysis with Canadian Securities Regulatory Authorities. Copies of Yangarra disclosure documents may be obtained atwww.sedar.com or on the Company’s website:
Annual General Meeting
The Company’s Annual General Meeting of Shareholders is scheduled for 10:00 AM on Wednesday May 22, 2013 in the Tillyard Management Conference Centre, Main Floor, 715 5th Avenue SW, Calgary, AB.
|Certain information regarding Yangarra set forth in this news release, including management’s assessment of future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.|
All reference to $ (funds) are in Canadian dollars.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
SOURCE: Yangarra Resources Ltd.
James Evaskevich, President and CEO at (403) 262-9558.