Arsenal Energy confirmed it was considering selling “some or all of its US properties as well as various non-core properties in Canada”.
A company spokesperson said: “In light of the current crude oil commodity price environment, Capex in 2016 is expected to be limited to tie-ins and exploration to grow the Princess opportunity base. The Company will continue its efforts at reductions to operating and overhead costs with any repositioning of the asset base.”
The firm said its development costs for last year were $12.22 boe and has a reserve life of 13.3 years.
The spokesperson added: “A sale of the US properties, if achieved, will reposition the company’s balance sheet and allow the Company to pursue growth in the opportunity base at Princess at a time when costs are generally expected to be very low.”