August 26, 2016 / 1:17 PM / a year ago

BRIEF-Virginia Hills Oil announces Strategic Alternatives Process & Q2 results

Aug 26 (Reuters) - Virginia Hills Oil Corp

* Virginia Hills Oil Corp. announces strategic alternatives process, second quarter of 2016 results and general operation update

* “North American oil and gas sector continues to be challenged by macro-economic supply and demand pressures on crude oil pricing”

* Virginia Hills Oil Corp says has engaged financial advisors to assist company evaluate, develop and recommend one or more strategic alternatives

* Initiated process to review strategic alternatives with view of maximizing value of significant slave point light oil resource base

* During Q2 of 2016, company’s operations were affected by extremely wet surface conditions

* Qtrly petroleum and natural gas sales $6 million versus $8.3 million

* Qtrly FFO per share $0.03

* Qtrly production volumes for Q2 of 2016 averaged 1,293 boe/d (97% light oil and NGL‘s), representing a decline of 13%

* Virginia Hills Oil Corp says company’s board has approved a $2.2 million capital program for remainder of 2016

* Says company anticipates production to average 1,420 boe/d for the year

* Says $11.0 million credit facility for company’s wholly-owned subsidiary is scheduled for review within Q3 of 2016 Source text for Eikon: Further company coverage:

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