Exploration & Production | Capital Markets | Capital Expenditure
Emerald Ramps Up CapEx to $110MM; Updates Ops
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Emerald Oil Inc. has reported increased production guidance and capital spending budget in conjunction with its signed definitive agreement with White Deer Energy.
Emerald intends to use the proceeds from the $50 million investment by White Deer to purchase additional working interests in its operated drilling spacing units (DSUs) in McKenzie County, North Dakota and increase the Company's 15-month capital expenditure budget.
Increased Production GuidanceEmerald has increased its production guidance to produce approximately 2,600 barrels of oil equivalent per day (BOEPD) by year end 2013, which is up from the Company's previous guidance of approximately 2,000 BOEPD.
Increased Capital Expenditure BudgetEmerald has increased its 15-month budget from October 1, 2012 through December 31…
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