Business
Upper Lake Oil and Gas Ltd. provides production guidance and announces preliminary 2008 capital budget
CALGARY, Nov. 2 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX :UP) ("Upper Lake" or the "Company") tod...
About this update from Mx Gold Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 2 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX :UP) ("Upper\nLake" or the "Company") today provided production guidance and announced that\nits Board of Directors has approved a preliminary capital budget for fiscal\n2008 of up to $12 million.\n\n\nCertain information included in this News Release constitutes\nforward-looking information, including information concerning 2007 exit\nproduction rate assumptions for the Company and the number of wells in which\nthe Company expects to participate prior to the end of 2007. Readers should\nreview the cautionary statement that appears at the end of this News Release.\n\n\nPrior to year end, Upper Lake expects to participate in the drilling of\nfour to seven wells, including a 100% working interest well in its core area\nin Ferrybank, Alberta. Based on risked production adds from the wells to be\ndrilled, coupled with natural declines on existing production, Upper Lake\nanticipates a year-end exit rate of approximately 700 to 800 barrels of oil\nequivalent per day. Upper Lake is currently debt free and has a revolving\ncredit line of $8 million.\n\n\nThe Board of Directors of Upper Lake has approved a preliminary 2008\ncapital program of between $9 and $12 million. The 2008 capital program\nassumes the drilling of between eight (6.0 net) and 12 (9.0 net) wells and\nassumes expenditures have been broken down as follows: $7.5 to $10.5 million\nfor drilling, completion and equipment and $1.5 million for land and seismic.\nThe 2008 capital budget is based on an average natural gas price of $6.50 per\ngigajoule at AECO and $60 per barrel for oil and liquids. Any significant\nvariations from these assumed commodity prices may cause decreased or\nincreased activity by the Company. Although the preliminary 2008 capital\nbudget makes no provision for potential acquisitions, the business plan of\nUpper Lake anticipates growth either through property or corporate acquisition\ntransactions.\n\n\nUpper Lake is also pleased to announce that its board of directors has\napproved the following appointments: Mr. David R. Keenan to the position of\nVice President, Engineering; Mr. David A. Cheesman to the position of Vice\nPresident, Exploration; and Mr. Gary Taylor to the position of Controller.\nMr. Don D. Copeland, Executive Chairman, and Mr. Kelly J. Ogle, Preside...