Exploration & Production | Capital Markets | Capital Expenditure
Tamarack Valley Signs Off on Cardium, Viking-Focused 2014 Budget
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Tamarack Valley Energy Ltd. has approved a capital budget of up to $68 million for 2014, focused on drilling Cardium horizontal development and Viking oil development wells.
The 2014 capital budget will allow the Company to drill approximately 5.0 net Cardium 1-mile horizontals, 4.3 net Cardium long reach (1.5 to 2-miles) horizontals and 18.3 net Viking oil wells. Tamarack's management estimates it has over 360 net Cardium and Viking locations. By executing this drilling program, Tamarack expects to achieve a production average of 4,950 to 5,050 boe/d, while earning over 13 net sections of Cardium lands in the greater Pembina area, achieving approximately 65% of its total farm-in drilling commitment by the end of 2014. The 2014 capital program will be fully funded with forecasted cash…
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