November 10, 2016 / 3:48 AM / 2 years ago

BRIEF-Chinook Energy Inc announces third quarter 2016 results and three well Birley drilling program

Nov 9 (Reuters) - Chinook Energy Inc :

* Chinook Energy Inc. announces third quarter 2016 results and three well birley drilling program

* Says production in Q3 of 2016 averaged 6,464 boe/d, up 31% from same period in 2015

* Says strategic review is ongoing and there can be no guarantee that this review will result in a transaction

* Says during Q3, company executed gas handling agreement impacting majority of our British Columbia natural gas production

* Says company has approved a $5.5 million capital program for remainder of 2016

* Chinook-Determined consolidating subject assets within craft would allow two companies to focus on concentrated grouping of properties and would result in company being well positioned for review of strategic alternatives

* Says board of directors unanimously approved craft transaction

* Says company has approved a Q1 2017 capital program of $9.7 million

* Chinook-After distribution of craft shares to shareholders, to focus on emerging montney assets at Birley/Umbach, British Columbia,at Gold Creek,Pipestone, Alberta

* Says “We have continued to focus on improving our G&A cost structure and implement cost cutting initiatives”

* Chinook Energy-“During year to date, our capital expenditures were incurred on commissioning of our expanded Birley/Umbach compressor capacity”

* Sees Q4 production of 2,983 boe/d

* Sees Q4 exit production of 3,482 boe/d Source text for Eikon: Further company coverage:

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