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TORC Updates 2015 Spending Strategy and Guidance
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TORC Oil and Gas has provided an updated guidance and outlook.
Disciplined BudgetTORC has elected to maintain the previously announced 2015 budget of $125 million. While the capital budget spending amount is unchanged, the capital allocation includes the drilling of a number of high quality locations on the Acquired Assets that are highly economic even in the current oil price environment. The addition of these locations will reduce TORC's overall estimated corporate capital efficiency to approximately $38,000 per boepd from $40,000 per boepd.
Service cost savings experienced early in 2015 range between 5-10%. TORC's 2015 budget currently does not take into account any such anticipated reductions in service costs. Should a low oil price environment persist, substantial unbudgeted service…
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