Advantage Increases 2008 Capital Budget
Advantage Energy Income Fund's Board of Directors has approved an additional increase to the 2008 capital budget of $50 million. The 2008 capital expenditure budget is now set at $250 million. The increased capital will be directed towards additional activity at our Montney natural gas resource play in our Glacier property.
During the first quarter of 2008, Advantage drilled five vertical delineation wells in the Glacier property which helped confirm geological formations, reservoir productivity and pool continuity. Advantage commenced drilling horizontal wells and additional vertical delineation wells with three rigs in July 2008. Well completions and infrastructure activities are also underway.