CALGARY, Jan. 8, 2014 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") announced today that it estimates fourth
quarter production to be approximately 100,000 boe per day. This is
record quarterly production volumes for ARC and is expected to
contribute to record annual production of approximately 96,000 boe per
day; meeting ARC's production guidance announced with its 2013 budget.
ARC's strong production performance is a significant achievement given
the divestment of approximately 1,700 boe per day of non-core
production during 2013.
Another significant milestone was achieved late in December, with the
initial flow of restricted volumes of oil and natural gas production
through the new Parkland/Tower gas processing and liquids handling
facility. Construction of the new facility was completed ahead of
schedule, despite extreme weather conditions during commissioning. Upon
commissioning of the plant, ARC had an inventory of 26 previously
drilled wells at Tower and Parkland ready to be brought on stream. The
existing wells will be systematically brought on production over the
course of the first quarter. ARC plans to drill additional wells at
Tower and Parkland in 2014 which are expected to fill the facility over
the course of the next 12 to 18 months.
"I am extremely proud of our team's accomplishments this year in
profitably growing our business to record levels while continuing to
add value for our shareholders through the payment of a dividend of
$1.20 per year" stated Myron Stadnyk, President and CEO.
ARC is one of Canada's largest conventional oil and gas companies with
an enterprise value of approximately $10 billion. ARC expects 2014 oil
and natural gas production to average 110,000 to 114,000 barrels of oil
equivalent per day from its properties in western Canada. ARC's common
shares trade on the TSX under the symbol ARX.
ADVISORY - In the interests of providing ARC shareholders and potential
investors with information regarding ARC, including management's
assessment of ARC's future plans and operations, certain information
contained in this document are forward-looking statements within the
meaning of the "safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both general
and specific, that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not
occur, including those risks and uncertainties contained in ARC
Resources Ltd.'s Annual Information Form filed at www.sedar.com, which may cause ARC's actual performance and financial results in
future periods to differ materially from any estimates or projections
of future performance or results expressed or implied by such
ARC RESOURCES LTD.
Myron M. Stadnyk
President and Chief Executive Officer
SOURCE: ARC Resources Ltd.
For further information:
For further information about ARC Resources Ltd., please visit our website www.arcresources.com or contact:
Investor Relations, E-mail: email@example.com
Telephone: (403) 503-8600 Fax: (403) 509-6427
Toll Free 1-888-272-4900
ARC Resources Ltd.
Suite 1200, 308 - 4th Avenue S.W.
Calgary, AB T2P 0H7