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Penn West Maintaining Capex for 2015, Relying on High Netbacks
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Penn West Petroleum Ltd. has announced its financial results for the third quarter ended September 30, 2014.
All figures are in Canadian dollars unless otherwise stated.
Upon reviewing our numbers for the third quarter, I am excited about the continuing progress we are making at Penn West. We delivered average production of 100,839 barrels of oil equivalent per day in the quarter with a 64 percent liquids weighting. In executing our third quarter capital program of $225 million, we drilled 73 net wells and put 39 net wells on production, setting the company up for an improvement in fourth quarter volumes even with a late year closing of our previously announced asset sale. Importantly, the improvements in our operational performance and delivery of production growth…
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