BRIEF-Granite Oil increases 2016 capital budget to $17 mln from $10.2 mln

Thu Jun 16, 2016 9:04pm EDT
 
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June 16 (Reuters) - Granite Oil Corp

* Granite Oil Corp announces 2016 budget and guidance update

* Granite has now increased its 2016 capital budget to $17.0 million from $10.2 million

* Expects that its oil production volumes will average 3,200 bbl/d for second half of 2016

* Sees H2 2016 cash flow of $14.6 million, matching budgeted capital expenditures and dividends during period, year-end net debt of $24.9 million

* Q2 oil production is expected to average approximately 2,900 bbl/d. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)