Enerplus Corporation announce that based upon continued strong operational performance during the months of October and November, we are increasing our annual average production forecast for 2013 to 89,000 BOE/day from 87,500 BOE/day. Production volumes during the fourth quarter are expected to average approximately 92,000 BOE/day due primarily to higher natural gas production.
In addition, the Board of Directors of Enerplus has approved the capital program for 2014 which includes the following highlights:
◾ We expect to deliver 10% production growth in 2014, targeting annual average production between 96,000 BOE/day and 100,000 BOE/day.
◾ Crude oil production is expected to grow by 12%, resulting in a production mix of 48% crude oil and natural gas liquids and 52% natural gas.
◾ Capital spending is planned at $760 million, up 11% from 2013, with two thirds of our program directed to crude oil projects.
◾ Based upon our forecast exit volumes, capital efficiencies have significantly improved in 2013 to under $30,000/BOE/day. We expect to achieve similar capital efficiencies in 2014.
◾ We expect a reduction in both operating costs and general and administrative costs per BOE.