Thursday, January 7, 2010

Forest Oil Sets 2010 Capital Budget

Forest Oil announced its 2010 capital budget of $600 to $700 million, approximately 25% of which ($162 million) will be spent in east Texas/north Louisiana. 

Forest, which now operates one rig, will add three in the first quarter of this year to total four rigs, which should lead to 18 to 24 new operated wells in 2010.  Of the new wells, 12 to 16 should target the Haynesville Shale in north Louisiana, while six to eight should target the Haynesville Shale and the Cotton Valley Sands in east Texas. 

No comments: