Business
Yangarra Provides an Operations Update, Increases its Credit Facility and Files its Annual Information Form
CALGARY, April 25, 2013 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 25, 2013 /CNW/ - Yangarra Resources Ltd. (\"Yangarra\" or the \"Company\") (TSX-V:YGR) provides an operations\n update, announces an increase to its credit facility and files its\n Annual Information Form.\n\n\nOperations Update\n\n\nYangarra's new Ferrier gas processing facility (100% working interest),\n constructed under budget and ahead of schedule, was put into service\n April 10, 2013.  The Company's facility is currently ramping up to its\n full capacity of 12 mmcf/d with six of eight standing wells now\n on-stream.  Current Company production is approximately 2,500 boe/d.  \n\n\nFirst quarter production is expected to average 1,800 boe/d, with\n approximately 200 boe/d shut in due to the drilling of new wells on\n existing pad sites.  The Company expects minimal capital expenditures\n during Q2 2013 with the contracted drilling rig racked for breakup. \n\n\nCredit Facility Increase\n\n\nYangarra has entered into an amended and restated credit facility\n agreement (\"Facility\") with Alberta Treasury Branches (\"ATB\") which\n will increase its credit facilities to $50 million.  The Company's\n credit facility was increased to $45 million immediately, with a\n further increase based on budgeted production levels in September 2013.\n  The other terms of the Facility remain unchanged. The next scheduled\n review is May 31, 2014 and the current amount drawn on the facility is\n approximately $37 million.\n\n\nAnnual Information Form\n\n\nThe Company's Annual Information Form will be filed on SEDAR (www.sedar.com) and is currently available on the Company's website:\n\n\nhttp://www.yangarra.ca/Financial-Reports/Financial-Reports/Annual-Information-Forms/\n\n\nThe Annual Information Form includes the Company's reserves and resource\n data for the period ended December 31, 2012 as evaluated by Deloitte\n LLP and other oil and natural gas information prepared in accordance\n with National Instrument 51-101 Standards of Disclosure for Oil and Gas\n Activities.\n\n\nYangarra has also previously filed its audited financial statements and\n accompanying notes for the year ended December 31, 2012 and related\n Management Discussion and Analysis with Canadian Securities Regulatory\n Authorities. Copies of Yangarra disclosure documents may be obtained at\n www.sedar.com or o...