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Compton Petroleum Corporation 2009 Capital Program
CALGARY, Dec. 22 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) plans a reduced 20...
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 22 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -\nCMZ) plans a reduced 2009 capital program focused on the exploitation of its\nresource plays at Niton in central Alberta and Hooker in southern Alberta.\n\n\nIn light of current economic uncertainty, Compton has set a 2009 capital\nprogram to be financed from funds generated from operations utilizing a\nbudgeted average natural gas price realization of $6.82/GJ. Based upon planned\ncapital expenditures of $161.5 million, we are targeting average 2009\nproduction in the range of 25,000 boe/d to 26,000 boe/d which approximates\n2008 production levels, excluding production from those properties sold during\nthe year. In addition to funds generated from operations, proceeds of\napproximately $30 million could be realized from the planned monetization of\ncertain mid-stream facilities.\n\n\n2009 Capital Program\n\n\nDuring 2009, we will concentrate drilling activities on those areas that\nprovide the highest economic return and for which production facilities are\nreadily available. Activities will target higher productivity Rock Creek and\nEllerslie formations in central Alberta and the Basal Quartz formation in\nsouthern Alberta. Belly River development in southern Alberta and exploratory\nactivities in the Foothills will be delayed until commodity prices strengthen.\n\n\nA summary of our planned 2009 capital program is outlined below:\n\n\nBy Category, ($millions)\n-----------\n Land, lease & seismic $ 9.3\n-------------------------------------------------------------------------\n Drilling & completions 115.4\n-------------------------------------------------------------------------\n Facilities & equipment 36.8\n-------------------------------------------------------------------------\n $161.5\nBy Area, ($millions)\n-------\n Central Alberta - Deep Basin $131.3\n-------------------------------------------------------------------------\n Southern Alberta - Deep Basin 30.2\n-------------------------------------------------------------------------\n $161.5\nDrilling by Area, Gross Well Count\n----------------------------------\n Central Alberta 45\n-------------------------------------------------------------------------\n Southern Alberta 6\n-------------------------------------------------------------------------\n 51\n\n\nThe majority ...