Business
Yangarra Announces $29 million Capital Budget for 2011
Jan. 10, 2011 (Canada NewsWire Group) -- CALGARY, Jan. 10 /CNW/ - Yangarra Resources Ltd. (&qu...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\n\n Jan. 10, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nCALGARY, Jan. 10 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or "the Company") (TSX Venture: "YGR") is pleased to announce that its Board of Directors has approved a $29 million capital budget for 2011. The Company is also providing an operations update, an updated future drilling inventory and announcing a new corporate presentation.\n\n2011 Drilling Program\n---------------------\nThe budget envisions drill, complete and tie-in of 23.0 gross (9.9 net) horizontal wells in the Willesden Green/Ferrier area during 2011. This drilling program is expected to significantly increase the production base of the Company by year-end 2011.\nCurrently, Yangarra has three horizontal wells drilling in Willesden Green and Ferrier area of Alberta consisting of two non-operated Cardium wells (17% w.i and 29.875% w.i., respectively) and one operated Glauconite well (100% w.i.).\nThe Company expects that a recently expanded senior credit facility of $14.5 million and cash flow from operations will fully fund the capital budget for 2011 while maintaining a strong debt to equity ratio throughout the year.\n\nOperations Update\n-----------------\nYangarra drilled a total of 6.0 gross (4.7 net) horizontal wells in 2010 (100% success) and had four of the wells on production at year end. The production rate for December 2010 was approximately 900 boe/d 45% weighted to oil and natural gas liquids ("NGLs&qu...