November 8, 2016 / 1:12 PM / in a year

BRIEF-Delphi Energy to undertake $40 million drilling program

Nov 8 (Reuters) - Delphi Energy Corp

* Delphi energy corp. Enters into letter of intent to significantly accelerate growth of its bigstone montney asset

* Delphi energy - delphi, existing working interest industry partner to undertake $40 million joint drilling program, to be completed before July 15, 2017

* Delphi will receive $30 million in cash at closing for equalization consideration

* Delphi will retain operatorship of montney capital program, production and facilities

* Delphi energy corp - deal enhances co’s financial position by enabling it to reduce total leverage while accelerating production and cash flow growth

* Delphi energy corp - bank debt, including letters of credit, at dec 31, expected to be about $48 million - $52 million of $85 million bank credit facility Source text for Eikon: Further company coverage:

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