RedWater to Drill 6 Wells, Recomplete 9 Wells

RedWater provided its Capital Expenditure Budget and Production Targets for 2011.

RedWater's Board of Directors has approved an initial 2011 capital budget of $3.0 million. Funds of $2.7 million will be allocated to the drilling of 6.0 and the recompletion of 9.0 net oil wells at Redwater and Westlock. An additional $300,000 will be allocated to development work associated with horizontal drilling projects, including seismic and geological analysis, at Redwater, Westlock and Fairydell-Bon Accord, Canada. Redwater currently has available capital of $3.9 million consisting of $3.4 million cash and a bank operating line of $500,000.

Production levels for 2011, with this budget, targets average production for the year of 200-250 boepd and exit production of 400 boepd. Operating income for 2011 will be focused towards the acceleration of the Company's conventional and horizontal light oil drilling programs.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours