Why drill seven wells?Lucky and Gonat you are both asking all the right questions.
Crew has gas hedged at 2-3 dollars cdn which will keep the lights on, pay salaries and let them chug along. But Lucky you are correct, that $300 million of debt is not going away anytime soon unless they have massive results from their on going asset sales.
One thing that caught my attention was why drill 7 wells when 4 or 5 would have probably kept your production flat. Gonat you are correct in questioning th emotive for that.
Now if you are going to be selling your heavy oil asset, then you need to replace 1100 boe/day so that may be the reason.
Or perhaps you are trying to ramp up production for a sale to make your company shine and these seven wells should do it. After checking the production offsetting the new wells, some wells have IP 90 days of 4-5 Mmcf/day which is better then the long reach horizontals Crew drilled which were closer to 3.5 Mmcf/day in the UCR area.
7 x 3 is 21 Mmcf/day , 7 x 4 is 28 Mmcf/day and 7 x 5 is 35 Mmcf/day. Big numbers for a company producing 95 Mmcf/day.
As i have mentioned before, interesting times for Crew. Not scary times, happy days ahead.