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Latest Headlines
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Dec 17, 2009 4:52:00 PM MST
Pengrowth Energy Trust plans to spend $285 million on 2010 capital plan (Pengrowth-Capital-Spe)
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CALGARY _ Pengrowth Energy Trust (TSX:PGF.UN) plans to spend $285 million as part of its 2010 capital program, up by a third from 2009.
Full year production for 2010 is forecast to be between 74,000 and 76,000 barrels of oil equivalent per day, following the sale of approximately 1,000 boe per day of production late this year.
The energy trust said the 2010 capital program will be focused 70 per cent on oil development and liquids rich gas projects with the expected drilling of 232 gross wells in the year.
Pengrowth also plans to spend $15.5 million on its operated heavy oil projects, in addition to $15 million for its pilot steam assisted gravity drainage oil project.
About $12 million as been allocated to Pengrowth´s shale gas property at Horn for the drilling of three wells this winter.
"We are picky, patient and persistent and we intend to spend every cent of our shareholders money as if it were our own," Pengrowth president and chief utive Derek Evans said in a statement.
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