Sure Energy Increases Capex Budget
Sure Energy has approved an increase of Sure Energy's 2010 Capital Budget from $10 million to $15 million.
The increased 2010 Capital Budget will allow the Company to accelerate its horizontal oil drilling programs following up on its recent successes. The first horizontal well is expected to spud in early October and will offset its Viking Oil discovery at Redwater, Alberta announced on August 18, 2010. The increased Capital Budget will be financed with cash flow and existing credit facilities.
In addition the Board of Directors of Sure Energy have promoted Chris Baker to the position of President and Chief Operating Officer effective immediately. Chris has over 35 years of exploration and operating experience and prior to Sure Energy was VP Of Exploration at Clear Energy and Vermilion Resources Ltd.
Jeff Boyce will remain in the position of Chairman and Chief Executive Officer.