Business
Berens Energy Ltd. Releases 2007 Capital Budget and Volume Outlook
Berens Energy Ltd. Releases 2007 Capital Budget and Volume Outlook.
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\nSymbol: BEN - TSX\n\n\nCALGARY, Dec. 11 /CNW/ - Berens Energy Ltd. (\"Berens\") is pleased to\nprovide guidance regarding its 2007 capital spending plans and production\nvolumes.\n\n\nThe planned capital budget for 2007 is $45 million with capital being\ndirected toward all four core areas of Pembina, the Deep Basin, Marten Hills\nand Lanfine. The plan includes up to 56 locations from our current undeveloped\nland base of 152,000 net acres. Thirty drilling locations are already approved\nwith an additional 40 locations at various stages of review and approval.\n\n\nFifty percent of the capital budget is being directed toward Pembina\nwhich represents the best combination of risk and reward with 25 drilling\nopportunities planned. The Lanfine and Marten Hills areas which offer lower\nrisk natural gas opportunities will receive 25 percent of the 2007 planned\nspending. The Deep Basin, primarily at Simonette and Waskahigan, will receive\nthe remaining 25 percent of the planned spending.\n\n\nProduction volumes are expected to average 4,200 to 4,400 boe/d for the\nyear, up 25 to 30 percent from 2006 production volumes. The production mix is\nexpected to remain at 85 percent weighted toward natural gas, 13 percent light\noil and natural gas liquids, and 2 percent heavy oil.\n\n\nThe budget is based on average natural gas price of Cdn. $7.50/mcf for\nAECO and an Edmonton par price of Cdn. $60.00/bbl. Berens may adjust its\ncapital spending plans up or down, if, among other reasons, natural gas or oil\nprices vary materially from these assumptions, which may have an affect on\nproduction volumes.\n\n\nCaution Regarding Forward Looking Information\n\n\nThis press release contains forward looking information within the\nmeaning of applicable securities laws. Forward looking statements may include\nestimates, plans, expectations, forecasts, guidance or other statements that\nare not statements of fact. Forward looking information in this Press Release\ninclude, but are not limited to statements with respect to capital\nexpenditures and related allocations, production volumes, production mix and\ncommodity prices.\n\n\nForward-looking statements and information are based on current beliefs\nas well as assumptions made by and information currently available to Berens\nconcerning anticipated financial performance, business prospects,...