Top Story | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capital Expenditure - 2017
Spartan Boosts Spending 113% for 2017 to $145MM; Viking, Three Forks
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Spartan Energy has approved a 2017 capital budget of $145 million.
The 2017 capital program includes the drilling of 125.8 net development oil wells and is anticipated to deliver annual average production of 21,080 boe/d compared to estimated 2016 average production of approximately 11,700 boe/d, an increase of 80% (11% per share).
This is an increase of +113% over 2016's budget of $68 million.
2017 exit production is forecast to be 23,000 boe/d. We plan to allocate $114 million of our capital program towards drilling, completion, equipping and tie-in of new wells, $13 million for CO2 and maintenance costs associated with our recently acquired EOR projects and $18 million on facilities, workovers environmental and other costs.
Based upon a WTI price assumption of US$50.00, we expect to…
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