Business
2008 Fourth Quarter Update and 2009 Corporate Guidance - Continued Production Growth
Berens Energy Ltd. Symbol: BEN - TSX CALGARY, Jan. 9 /CNW/ - We are pleased to announce that esti...
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\nBerens Energy Ltd.\nSymbol: BEN - TSX\n\n\nCALGARY, Jan. 9 /CNW/ - We are pleased to announce that estimated fourth\nquarter 2008 production volume averaged over 4,700 boepd, exceeding forecast\nfourth quarter production of 4,400 boepd. The fourth quarter 2008 results\nrepresent a 24% volume increase over the fourth quarter of 2007 (on a gross\nand per share basis) and a 14% increase over third quarter of 2008 (on a gross\nand per share basis) while keeping debt levels flat. The production results\nfor the quarter were driven by strong third quarter drilling results. First\nquarter 2009 production is expected to be 4,600 boepd with production gains\nfrom ongoing drilling being offset by the Company's decision to curtail higher\nproduction wells in Lanfine. This curtailment will preserve net asset value\nunder the new royalty framework which became effective January 1st, 2009.\n\n\nDrilling success continued in the fourth quarter of 2008 with 2\nsuccessful (1.4 net) vertical wells and our first successful horizontal well\n(0.5 net) in Pembina. The horizontal well was placed on production in late\nNovember at rates in excess of 8 mmcf/d and the well currently is producing\n4.5 mmcf/d after being on stream for six weeks. We also participated in 2\nunsuccessful wells during the quarter consisting of one (0.4 net) unsuccessful\ncompletion in Deep Basin and one (0.4 net) horizontal well in Pembina where\nthe operator had to abandon operations due to mechanical difficulties. The\nunsuccessful Pembina horizontal well will be re-drilled as part of our first\nquarter 2009 program. The first quarter 2009 drilling program is already\nunderway, with 7 wells (3.5 net) planned for Pembina and 1 well (0.5 net)\nscheduled for Deep Basin. In Pembina, 4 (2.1 net) of the wells planned for the\nfirst quarter will be horizontal wells following the successful horizontal\nwell drilled in the fourth quarter of 2008.\n\n\nIn 2009, Berens expects to spend $40 million to drill 30 wells (18 net)\nwhich is equivalent to the capital spent in 2008 and is planned to be within\nanticipated cash flow. The level of capital spending is based on natural gas\nprices of $7.00/mmbtu AECO and Edmonton reference light oil prices averaging\n$70.00/bbl Cdn. The $40 million capital program in 2009 is expected to deliver\nan average 2009 production volume of 4,900 bo...