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Cardium E&P To Double 2017 Spend

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Cardium E&P To Double 2017 Spend

Penn West Petroleum Ltd. reported its financial and operational results for the second quarter ended June 30, 2016. All figures are in Canadian dollars unless otherwise stated.

Key Points: Anticipate spending up to $150 million in total capital in 2017 (a 43% increase over its 2016 budget of $105 million). The focus will be on the Cardium with slighter spending on Viking and Peace River operations Increasing our full year capital budget by approximately $40 million to $90 million, plus $15 million allocated to decommissioning expenditures. Increase our 2016 exit production by approximately 3,000 boe per day. Updated 2016 Guidance and 2017 Preliminary Look

We have conducted a review of our preliminary 2017 plans and anticipate spending up to $150 million in total capital…

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