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January 10, 2013
05:11 EDTPWEPenn West Exploration provides FY13 production forecast
The 2013 Base Capital Budget will be directed predominantly toward light oil projects within Penn West's resource assets portfolio. The weighting is expected to increase the corporate oil and liquids split of current production volumes of approximately 62%, post the divestments that closed in December 2012, to a range of approximately 65%-68% at year end 2013 dependent upon capital spending levels. As in prior years, base natural gas production will be allowed to decline while the focus of the capital program will be to grow oil production. This is a pattern that Penn West has demonstrated consistently over the past several years. The company is committed to continuing improvements in netback realizations through our capital rotation from natural gas weighted base assets to our light oil weighted core resource assets. After accounting for the divestment of approximately 13,000 boe per day, production declines associated with limited operational activity in the second half of 2012 and lower peak drilling activity planned for 1Q13, the company forecasts 2013 average annual production to be in the range of 135,000 boe-145,000 boe per day. The 2013 Base Capital Budget is expected to maintain average production volumes approximately flat to modestly lower relative to year-end 2012 levels. Penn West has several major turnaround programs planned in June and July that are expected to bring approximately 10,000 boe per day of production off-line and impact production volumes in Q2 and Q3.
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