The Board of Directors of Whittier Energy Corporation has approved a capital expenditure budget for 2007 of $39 million. This represents an increase of approximately 19% over the $32.7 million dollar capital expenditure budget for 2006.
Whittier anticipates that the 2007 capital expenditure budget will allow the Company to participate in approximately 38 new wells, 16 of which the Company expects to operate. Whittier plans to spend approximately 19% of the 2007 capital expenditure budget in the Permian Basin and approximately 13% on the Company's South Texas properties with the balance, approximately 68%, in the onshore Gulf Coast region where Whittier has extensive acreage positions. The Company expects to spend approximately $15.6 million, or 40% of the total budget, on proved undeveloped locations, 7%, or approximately $2.7 million, on land and seismic acquisition and the remaining 53%, or $20.7 million, on developing non-proved locations.
In addition, the Company recently completed meetings with the banks participating in its asset-based credit facility and estimated its proven reserves to be approximately 50 Billion cubic feet equivalent as of September 30, 2006.
Whittier Energy Corporation is an independent oil and gas exploration and production company headquartered in Houston, Texas, with operations in Texas, Louisiana and Mississippi. Whittier Energy also holds non-operated interests in fields located in the Gulf Coast region, Oklahoma, Wyoming and California.
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