Enterra Energy Trust Announces 2010 Capital Budget and Guidance
Capital Program Highlights:
- Enterra plans to drill up to 26 wells including, - Two to four oil wells at our Circus prospect in Oklahoma - Two oil wells in west central Alberta targeting the Cardium formation - Up to 12 liquids-rich gas wells in our Hunton resource play in Oklahoma - The Hunton drilling program is scheduled to begin late in the second quarter and continue through the end of the year. - The remaining budget will be directed to a variety of drilling opportunities throughout our portfolio. - The program is anticipated to replace reserves produced over the year.
Enterra's current production is approximately 9,550 boepd and the forecast is for a relatively flat production profile with an average 2010 production range from 9,200 to 9,700 boe per day. This forecast does not take into account the re-activation of our Ricinus natural gas well which has been shut-in since
Don Klapko, President and CEO says, "Enterra intends to ramp up the execution of its growth-oriented drilling programs in our Circus (Oklahoma) and Cardium (Alberta) oil plays during the first part of the year and then further develop our Hunton resource play, primarily in the second half of the year. We have plenty of room to build on our successes and exploit our solid asset base. We have budgeted conservatively, allowing ourselves further flexibility should commodity prices continue to rebound. We have tried to maintain an equal balance between our areas of operation and between commodities. Our anticipated capex program is more aggressive than we have delivered over the past couple of years, and this is a reflection of our evolution to a more growth oriented corporate model."
Despite tremendous market instability during 2009, Enterra is pleased to announce that it has received confirmation from the New York Stock Exchange ("NYSE") that it is in full compliance with all listing requirements of the NYSE. This is an update from our
About Enterra Energy Trust
Enterra is an exploration and production oil and gas trust based in
Forward-Looking Statements
Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production; marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions or dispositions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
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 placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Enterra's operations or financial results are included in Enterra's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting Enterra. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Enterra does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
For further information: Blaine Boerchers, Chief Financial Officer, (403) 263-0262 or (877) 263-0262, [email protected], www.enterraenergy.com
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