$40 Million Increase in 2008 Budget Brought on with ARC's Successes
To accelerate the exploitation of the new lands and discoveries, ARC Energy Trust has increased its 2008 capital budget by $40 million, with all of the increase earmarked for the Montney resource play. ARC plans to shoot 3D seismic and drill multiple vertical wells and horizontal wells on the newly acquired lands during 2008. This brings the total capital budgeted for the greater Dawson area to approximately $85 million for 2008.
"The $40 million increase reflects our commitment to expediting the development of these new lands that are in the heart of a major resource play development," stated Mr. Dielwart. "With our experience at Dawson we've dramatically improved our completion techniques and plan to apply these learnings to the new lands. Recent offsetting land sales in the area set new records for purchases in British Columbia that highlight industry expectations for this area. While ultimate pool size is still unknown, the potential exists to more than double production in this core area."
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