Exploration & Production | Capital Markets | Capital Expenditure
Strategic O&G Talks CapEx; Eyes Light Oil Targets
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Strategic Oil & Gas Ltd. has approved a 2013 capital budget of $75 million. The Company will continue to build on its success and dominant position at Steen River.
The 2013 capital budget includes drilling 20 gross (18.8 net) wells, 18 gross (18 net) of which will be at Steen River targeting proven light oil producing horizons. The Company has planned for 2 gross (0.8 net) wells being drilled in its non-operated Maxhamish area. Approximately 80% of the total capital budget will be spent on drilling, completion and workover related activities with the balance of $15 million of funds directed to infrastructure development at Steen to facilitate future production increases.
Strategic expects to average 4,000 BOED (93% light oil) of production, representing an 80% increase over the 2012…
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