Bonavista Energy Corporation announced production results for the fourth quarter and year 2016. For the year, the company reported average production of 68,550 boe per day.

For the quarter, the company reported During the fourth quarter, drilled 17 (15.9 net) wells generating production of 69,339 boe per day, and currently are producing approximately 71,000 boe per day.

The company provided production guidance for year 2017. The company expects 2017 program is forecasted to provide 9% production growth and 18% growth in funds from operations, all on a debt and dividend adjusted per share basis. This growth will be provided while maintaining a total payout ratio in the range of 90% to 95% with excess funds used to further improve financial flexibility. E&D capital expenditures will be $280-$300 million.