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Enerplus Corporation forecasts 10% production growth in 2014


Published Dec 4, 2013
Enerplus Corporation

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.

Tags: Enerplus Corporation




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