4113754•01/31/13
PetroBakken to spend $675M in 2013
THE CANADIAN PRESS - CALGARY
PetroBakken Energy Ltd. has budgeted $675 million for capital projects this year, with a focus on growing production from the Cardium formation in west-central Alberta.
That's a big drop from the $975 million the Calgary-based light oil producer spent in 2012. About $100 million of this year's spending was moved up to the end of 2012 to take advantage of oilfield services during the winter drilling season.
"Our initial capital plan (including the acceleration of $100 million into 2012) is materially lower than previous years, which we believe to be prudent given the current price volatility and wider light oil differentials being experienced by the industry," the company said in a release.
"Our capital plan may be adjusted throughout the year to take into account changes to realized prices and service costs."
In addition to the Cardium, PetroBakken will also make investments in the Bakken light oil formation that straddles the Canada-U.S. border, as well as in conventional oil and gas in southeastern Saskatchewan.
Petrobank: Petrobank has high hopes for its oil-sandstechnology, which it contends is cleaner and more efficient than rival processes. Above: a project in Weyburn, SK.
PetroBakken says it produced the equivalent of 53,200 barrels of oil a day on average in December, which was six per cent above the same month of 2011.
It's aiming to exit 2013 at about the same level, in a range of 49,000 to 52,000 barrels a day, but boost annual output by eight to 12 per cent above 2012.
In 2013, the company plans to spend $480 million - 71 per cent of the total capital budget - on drilling, completion and
SkiChalet Castle MountainResort
Deluxe,ski out-ski in,
recreationalproperty in desired Castle Mountain Resort.
Builtby:Destination Developments. Ski in the winter - get away
in the summer. Also available - 3 furnished half duplexes.
Call Bill Sturgeon, Sutton Group Lethbridge
for details - 403-393-2456 41130716
22 THE WESTERN CANADIAN PIPELINE | WINTER 2013 Investors Group Financial Services Inc. LG Insurance Services Inc* Randy Shepherd, CD
1324 Southview Dr SE Medicine Hat, AB T1B 4E7 Ph. (403) 527-9927 Fax (403) 527-9902 Direct Line (403) 504-3032
randy.shepherd@
investorsgroup.com
tie-in activities. A further $140 million is for facilities, optimization, workovers and sustaining capital.
On a geographic basis, about 60 per cent of the drilling will be in the Cardium formation. It will get $290 million, compared with $85 million allocated for the Bakken, $27 million for conventional projects in southeastern Saskatchewan and $78 million in Alberta and British Columbia.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24