The Calgary, Alberta-based company said in a statement today that it will now execute a 16 rig drilling program for 2015 down from the current 20 operated rigs.
This reduced drilling program will result in approximately 30 less new wells in 2015 than would have resulted from the 20-rig program for the full year, it said.
Tourmaline also said it cut its expected cash flow for the year to C$1.36 billion from C$1.49 billion.
Tourmaline said current production is 145,000 boe/d and will exceed the 2014 exit target of 150,000 boe/d with the start-up of the Wild River plant expansion on December 22.
Also the company said that 2015 production guidance of 164,500 boepd remains unchanged and reflects a 15-rig drilling program. This represents more than 40 percent growth over expected 2014 average production.
Shares rose 3.9 percent to C$37.01 at 1:54 p.m. in Toronto, paring this year’s losses to 12 percent.
Oil slid into a bear market this year amid the highest U.S. production in three decades and slowing growth in global consumption.
West Texas Intermediate for January delivery declined 2.3 percent to $56.49 a barrel at 1:36 p.m. on the New York Mercantile Exchange. Brent for January settlement slipped 0.5 percent to $61.53 a barrel on the London-based ICE Futures Europe exchange.