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UPDATE 1-Cimarex posts Q3 production in line with its view

Thu Oct 22, 2009 7:52am EDT

Stocks

   

* Reports Q3 production of 441.5 mmcfe/d

* Q3 avg operated rig count falls by 34 rigs from year-ago

* Says bank group reaffirms its $1 bln borrowing base

Oct 22 (Reuters) - Independent oil and natural gas company Cimarex Energy Co (XEC.N) reported third-quarter oil and gas production volumes in line with its forecast.

The company said its oil and gas production volumes averaged 441.5 million cubic feet equivalent per day (mmcfe/d) in the quarter, a 9 percent fall from a year ago.

Cimarex had earlier forecast third-quarter production in the range of 435 to 450 mmcfe/d. [ID:nBNG484929]

The company said its third-quarter operated rig count averaged nine, compared with 43 in the year-ago quarter.

Tighter access to credit and a 70 percent slide in natural gas prices over the past 15 months to below $4 per million British thermal units forced many producers to scale back gas drilling operations. [ID:nN16359003]

Cimarex also said its bank group reaffirmed its $1.0 billion borrowing base related to its credit facility maturing in April 2012.

As of Sept. 30, the company had borrowings outstanding of $156 million.

Shares of Cimarex closed at $46.65 Wednesday on the New York Stock Exchange. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Anne Pallivathuckal)



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