Exploration & Production | Top Story | Capital Markets | Capital Expenditure
PostRock's CapEx Targeting Appalachian, Cherokee Basins
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PostRock Energy Corporation has reported a $29.7 million capital budget for 2013. The budget includes $25.6 million for drilling and recompletions, $600,000 for acreage and $3.6 million for maintenance.
Given the Company's improved financial position, the budget represents a more than 40% increase over 2012 spending. PostRock expects its 2013 development work to more than double oil production. With minimal capital allocated to gas development, gas production is expected to decline 13%. On a 22:1 price equivalency basis, production is expected to increase approximately 5%. On a traditional 6:1 conversion, production is expected to decline 7%.
At year-end, PostRock held approximately 420,000 net acres in the Cherokee Basin and approximately 1,500 net acres in central Oklahoma, with each…
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