Cabot raised £2.53mln from a share issue in March and has enough working capital to last until the end of May.
Majority shareholder High Power Petroleum has said it will provide limited short-term funding, pending the satisfactory progression of the debt finance discussions.
Scott Aitken, chief executive, added: "The first quarter of 2019 has seen the Edmonton oil price rebound strongly towards its historic price differential with WTI.
“Crude sales prices were therefore significantly above our planning assumption and this, alongside tight cost control and anticipated short-term funding from H2P, has provided us with a longer period to negotiate the debt funding for the planned drilling and workover operations in the summer.”
The price in Edmonton has recovered to US$44 per barrel or within its normal discount range against West Texas light oil.
Cabot remains cashflow positive at this level, said the statement, including paying off creditors.
Revenues in the three months to March were US$2mln (US$3.4mln) as production averaged 521 barrels per day against 725 a year earlier.
Cabot has engaged a specialist financial advisory firm to source asset-level debt finance for a 2019 summer work programme to develop its Canadian assets, though it added no debt commitments have yet been secured.