Cona's operations are supported by the Company's financial flexibility. Cona's capital structure includes a $325.0 million credit facility and a term loan that matures on July 28, 2020. At December 31, 2017, $188.4 million was drawn on the Company's credit facility and, during the fourth quarter of 2017, Cona reduced the outstanding term loan to $140.0 million from $160.0 million.
Cona has identified a number of assets that, if sold, will provide the opportunity to further reduce the Company's outstanding debt. Cona recently completed the sale of a minor property for proceeds of approximately $7.5 million (subject to final adjustments). Cona is planning to market additional attractive assets, including the Winter, Court and Plover Lake Thermal properties, and has retained Scotiabank Global Banking and Markets to assist with the process. There are no assurances these assets will be sold.
Cactus Lake, Cona's largest property by production and reserves, continues to generate free cash flow and benefits from near zero base decline rates (excluding production from new wells drilled in the last 12 months) due to favorable waterflood and polymer flood response. Cactus Lake generated approximately 70% of the Company's field operating income and produced 8,775 boe/d in the third quarter of 2017. With a growing production base, Cactus Lake is one of the Company's core assets.
Cona Resources Ltd.
Cona is a Canadian crude oil production and development company focused on maximizing oil recovery from its large-scale oil resource base. The Company's operations, infrastructure and concentrated land position are focused in southwest Saskatchewan. Cona's common shares trade on the Toronto Stock Exchange under the symbol “CONA”.