Ascendant Resources planning busy two months as they head towards an updated PEA
Ascendant Resources (TSE: ASND) CEO Mark Brennan joined Steve Darling from Proactive to share news the company has recently closed a 3.9 million debenture and Brennan talks about that financing and where they use the capital.
Brennan also told Proactive the company will have a few, very busy months ahead, as they move towards an updated PEA at the end of July.
Quick facts: Ascendant Resources Inc.
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Ascent Resources 1Q21: Hops on Bandwagon of Certifying Shale Gas marcellusdrilling.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marcellusdrilling.com Daily Mail and Mail on Sunday newspapers.
First Quarter Highlights:
Averaged net production of approximately 1.8 bcfe per day for the quarter, of which 89% was natural gas
Adjusted EBITDAX
Decreased average well cost
(2) to approximately $564 per lateral foot during the quarter, resulting in capital expenditures incurred of $148 million
Generated $54 million of free cash flow
(1) during the quarter
Eliminated all debt maturities until Q2 2024 with the retirement of our Convertible Notes in March 2021 and the redemption of our Senior Notes due 2022 in April 2021
Borrowing base reaffirmed at $1.85 billion in April 2021
Reiterating annual production, free cash flow and capital guidance for 2021
(1) A non-GAAP financial measure. See the Non-GAAP reconciliations included in this press release for the definition of, and other important information regarding, this non-GAAP financial measure.