Exploration & Production | Drilling & Completions | Capital Markets | Capital Expenditure
PetroBakken Plans $675MM CapEx for Cardium, Bakken Growth
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PetroBakken Energy Ltd. has planned a $675 million capital plan in 2013 that is expected to result in an 8 to 12 percent growth in average annual production.
For 2013, our initial capital program is structured to build on the success of 2012. The execution of this plan began in late 2012, when we accelerated the spending of $100 million of capital from 2013 to the end of 2012. The accelerated capital should allow us to minimize field operation interruptions and make efficient use of oil field services during the active winter drilling season in order to add new production in the first quarter of 2013. This initial accelerated capital, together with projected 2013 capital of $675 million, is expected to allow us to grow our average annual production by 8% to 12% while targeting relatively…
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