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Viking, Cardium E&P Ups Capex Over 100%; Plans 47 More Wells
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Whitecap Resources Inc. announces an increase to its 2016 capital program by $78 million to $148 million from the previous guidance of $70 million.
Capital Increase Capital Budget: $148 million (up $78 million from previous $70 million) Wells Plan to Drill: 71 total (67.8 net) - an addition of 47 (44.6 net) from previous estimates Viking: 43 - an increase of 28 (26.6 net) from original plans Cardium: 10 (10 net) - same as original plans Deep Basin Light Oil: 5 (4.0 net) Boundary Lake: 2 (2.0 net)Crude oil prices have recovered significantly from hitting a low of US$26/bbl in mid-February and are currently trading at approximately US$40/bbl. This price recovery combined with lower cost of services and our strong capital efficiency gains now allow us to achieve an acceptable level of…
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