Reuters logo
UPDATE 1-Anderson Energy not to spend on natural gas properties
January 17, 2011 / 2:20 PM / 7 years ago

UPDATE 1-Anderson Energy not to spend on natural gas properties

* Expects output from gas and NGL properties to fall

* Board approves 2011 capital budget of C$75 mln

* Expects 2011 associated production of about 7,500 boe/d

Jan 17 (Reuters) - Canada’s Anderson Energy Ltd AXL.TO said is not planning to spend any capital on its natural gas properties in 2011 and direct almost its entire capital program to horizontal oil drilling, mainly at its Cardium acreage in Alberta.

The Calgary, Alberta-based oil and gas explorer said it expects production from its gas and natural gas liquid (NGL) properties to fall at an annual rate of about 25 percent.

Anderson Energy said it could potentially exit 2011 with 40-50 percent of its production being oil and NGLs.

For 2011, the company, whose board approved a capital budget of C$75 million, expects associated production of about 7,500 barrels of oil equivalent per day. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below