June 11, 2009 / 7:42 PM / 8 years ago

UPDATE 1-Delphi Energy renews credit facilities

* Says credit facility renewed, pricing adjusted

* Says debt to fall to C$105-C$107 mln by end of Q2

* Says FY09 production to average 6,500-7,000 boe/d

June 11 (Reuters) - Delphi Energy Corp (DEE.TO) said its lenders have maintained the company’s total credit facilities at C$140.0 million ($95.11 million), but adjusted the pricing to reflect current market rates.

The company’s lenders have maintained its total credit facilities at $140.0 million, which now comprises of a production revolving credit facility of $125.0 million and a non-revolving $15.0 million development credit facility.

The company expects net debt to decrease to C$105 million to C$107 million by the end of the second quarter despite the challenging commodity price environment.

It still expects a capital program of C$35 million to C$40 million for the full year, Delphi Energy said in a statement.

Cash flow is expected to be between C$38 million to C$43 million for the year on average annual production of 6,500 to 7,000 barrels of oil equivalent per day (boe/d) in 2009, Delphi Energy said.

The company said it has about 52 percent of its natural gas production hedged at an average floor price of C$7.35 per thousand cubic feet for April to December this year.

Delphi Energy shares, which have gained about 80 percent in the past three months, were trading up 11 Canadian cents at C$1.21 in noon trade on the Toronto Stock Exchange. ($1=1.104 Canadian Dollar)

Reporting by Krishna Chaithanya in Bangalore; Editing by Chakradhar Adusumilli

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