Crew Energy Inc. is pleased to announce that its Board of Directors has approved a $246 million capital program for 2014 focused on the development of liquids rich natural gas at Septimus, British Columbia and light oil at Tower, British Columbia. The program is designed to provide a platform for long-term profitable growth and to further delineate Crew's northeast British Columbia Montney resource with over 15 billion boe of Total Petroleum Initially in Place ("TPIIP") assigned by Crew's independent evaluator.
◾ Invest in our Montney assets where drilling and completion technology continues to evolve, generating robust and continuously improving economic returns;
◾ Invest in Montney oil and gas infrastructure to accommodate future production growth targeting corporate exit 2015 production of over 40,000 boe per day;
◾ Evaluate the Montney potential at Crew's Attachie and Groundbirch, British Columbia properties;
◾ Further evaluate the potential of the Mannville formation at Princess, Alberta after encouraging results in 2013;
◾ Maintain aggregate production levels at our Deep Basin, Lloydminster and Princess, Alberta properties with free funds from operations to be distributed to our Montney growth initiatives;
◾ Improve our corporate netback through reduced operating costs and adding higher netback liquids to our production mix.