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Warren Ups 2014 Spending; May Tap into Niobrara
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Warren Resources, Inc. has reported its 2013 production, 2013 estimated proved oil and gas reserves, and 2014 capital budget.
(Slides from the company's most recent presentation are featured below)
Capital Spending Plan for 2014Based on the current outlook for commodity prices in 2014 and Warren's current hedge positions, the Company forecasts a 2014 capital expenditure budget of approximately $116 million. The budget consists of $77 million for California and $39 million for Wyoming.
Additionally, the company is currently analyzing its acreage for prospective Niobrara development (detailed further in the slides below).
The 2014 budget is a large increase from the company's 2013 budget of $57.9 million ($52.6 million to California and $5.3 million to Wyoming).
The Company intends to fund…
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