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Whitecap sets 2017 budget at $300 million

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by DCN News Services

CALGARY—Calgary oil and natural gas producer Whitecap Resources Inc. has announced board of directors approval of a $300-million capital budget for 2017.
Whitecap sets 2017 budget at $300 million

The capital investment includes the drilling of 187 development oil wells which are anticipated to deliver annual production of 57,000 barrels of oil equivalent per day (boe/d) compared to 45,700 boe/d in 2016, an increase of 25 per cent.

Whitecap said in a media statement released Nov. 14 that it plans to allocate $234 million of its capital program towards drilling, completion, equipping and tie-in of new wells, along with recompletions and workovers of existing wells, $38 million on waterflood and enhanced oil recovery projects, $16 million on facilities and $12 million on health, safety, environment and other costs.

Whitecap said it intends to spend $94 million at its Viking resource play in west central Saskatchewan, $42 million in its southwest Saskatchewan formations Atlas, Success, Roseray and Shaunavon, $66 million at its Cardium resource play in west central Alberta and $57 million in northwest Alberta and British Columbia.

Whitecap's capital investment forecasts for the following two years are even higher, with $420 million projected to be spent in 2018 and $470 million in 2019.

Meanwhile, Calgary-based Painted Pony Petroleum Ltd. has announced an expanded 2017 capital budget, with its 2017 capital spend set at $319 million.

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