Tourmaline Oil Corp. (TO: TOU.TO) detailed its 2014 capex budget, and also detailed its year-end 2013 financial update, on Feb. 19.
The 2014 capex budget has been expanded to CA$1 billion, up from CA$900 million, due to a completed equity financing during this year’s first quarter, the company said.
Additionally, due to this capex increase, production guidance for the current full year has been increased to 120,000 barrels of oil equivalent per day (BOE/d), Tourmaline noted. This was a 60% increase from 2013’s 74,796 BOE/d production, the company said.
Also, Tourmaline expects operations funds to exceed CA$1 billion, based on an Alberta gas trading price’s (AECO) natural gas price—CA$3.86 per thousand cubic feet (mcf)—a 90% increase over 2013’s funds, the company added.
Regarding year-end 2013, the capex—net of dispositions—was CA$1,315.4 million, the company said. This included CA$43 million for new lands and CA$386 million for facilities and pipelines, the company said, noting this was 32.7% of the total capex.
Tourmaline Oil Corp., based in Calgary, is an oil and natural gas E&P company focused on the Western Canadian Sedimentary Basin.
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