Reece Energy Raises Capital Budget by $15 Million

Reece Energy Exploration Corp. announced that it is raising its capital budget for 2008 by $15 million. This decision was based on the encouragement brought forth by successful drilling results, as well as higher than expected commodity prices.

At its quarterly board meeting, Reece's Directors approved increasing its planned capital expenditures program to $36 million from $21 million. The amount will be reviewed again at the board's next regular meeting.

The increase to the budget amount will be used to fund Reece's expedited drilling program in its Viking play in Saskatchewan. Reece is also expecting further capital demands to be brought on by anticipated success in its Bakken play. The increased expenditures will be funded from existing internal sources.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
CFO/ Senior Financial Manager
Expertise: Accounting|Financial Analyst
Location: Carrizo Springs, TX
 
Sr. Accounting Specialist- Revenue, Severance Tax
Expertise: Accounting
Location: Houston, TX
 
Sr. Accountant / Accounting Specialist, Revenue Accounting
Expertise: Accounting
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours