Exploration & Production | Capital Markets | Capital Expenditure
Arcan Resources Tags $26MM 2013 Capital Budget
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Arcan Resources Ltd. has approved a $26.0 million capital expenditure budget for the first half of 2013 and estimates its full year 2013 budget at $52.0 million. The 2013 budget includes drilling an estimated 13 gross (9.4 net) wells.
Arcan announces a capital budget program of $26.0 million for the first half of 2013, including an estimated $14.0 million towards drilling seven (4.4 net) wells with the remainder being spent on infrastructure, recompletions, and waterflood activities. Arcan currently estimates 2013 production to be approximately 4,300 to 4,700 boe per day, an increase to the average production rate for the second half of 2012, which Arcan estimates to be approximately 3,950 boe per day, net of dispositions. In line with its strategic direction, Arcan plans to manage…
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