Exploration & Production | Capital Markets | Capital Expenditure
Spartan Unveils 2014 Spending Plans Following Renegade Deal
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Spartan Oil Corp., following its combination with Renegade Petroleum Ltd., has outlined its 2014 capital budget and outlook.
Spartan's stated business plan is to focus on light oil opportunities in Western Canada, employing a targeted acquisition and consolidation strategy, complemented by development and exploration drilling. Our goal is to assemble a high quality asset base which exhibits strong cash flow netbacks, attractive capital efficiencies and manageable corporate declines. In 2014, Spartan's focus will be on spending within cash flow to deliver production per share growth of between 15% - 20%, while maintaining a corporate decline rate below 30%. Spartan will also work hard to optimize operations following the acquisition of Renegade. We have identified numerous opportunities to…
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