Raging River bumps up Saskatchewan spending

Raging River bumps up Saskatchewan spending

By Deborah Jaremko

May 9, 2017, 2:52 p.m.

http://www.jwnenergy.com/article/2017/5/raging-river-bumps-saskatchewan-spending/

Raging River CEO Neil Roszell

Raging River CEO Neil Roszell. Image: Raging River

Saskatchewan-focused Raging River Exploration is increasing its 2017 capital budget by 10 percent compared to its original plan.

The company, which achieved record production of 22,755 boe/d in the first quarter of 2017, says the strength of its balance sheet is providing the flexibility for the spending bump.

Raging River now anticipates spending $340 million this year, up from $310 million previously.

The company says the increase will fund $10 million for work on water handing facilities that is expected to reduce 2018 operating costs by an estimated $0.40/boe, $10 million for work on undeveloped acquisition lands and $10 million of incremental development capital to increase 2017 production guidance by about 200 boe/d.

Between December 2015 and December 2016 Raging River spent $293 million to expand its position in the Viking light oil play.

The company reported net earnings of $15.34 million in the first quarter of 2017, compared to a net loss of $7.85 million in the first quarter of 2016.

 

 

 

About prosperitysaskatchewan

Consultant on Saskatchewan's natural resources.

Posted on May 10, 2017, in economic impact, oil, political. Bookmark the permalink. Leave a comment.

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