Peyto Exploration & Development Corp. says that current production has already exceeded the previous year-end target of 81,500 boe/d, while capital expenditures to the end of September are estimated at $520 million, below the $625 million capital budget previously forecast to achieve that production target.

As well, the Oldman North gas plant expansion is now finished and fully operational, which completes all four of Peyto's facility expansion projects for the year, increasing total operated processing capacity from 525 mmcf/d to 630 mmcf/d (611 mmcf/d net to Peyto's working interest).

The Board of Directors of Peyto has approved an increased 2014 capital budget of $690 million. This increase was facilitated by the acceleration of the drilling program in the second quarter of 2014, including continuous operations through breakup, allowing Peyto to accomplish more to date than previously expected.

Tags: Peyto Exploration & Development Corp.