Liberty Oil & Gas reaches production target
Shares issued 10,917,123 2000-01-31 close $1.01
Tuesday Feb 1 2000
Mr. Rick Ewacha reports
Liberty Oil & Gas reached its production target of 1,200 barrels of oil equivalent on Jan. 31, 2000, with the completion of production facilities projects in the Aerial/Drumheller area of Alberta and in the Fosterton area of Saskatchewan.
The company has budgeted $8-million in capital spending for the year 2000. The program consists of drilling 15 wells (Liberty's average working interest equals 70 per cent) and installing production facilities to add net production of 600 barrels of oil equivalent a day (30 per cent oil and 70 per cent natural gas). The key drilling areas include Aerial, Provost and Coronation in Alberta and Ingoldsby in Saskatchewan. The company expects that the first three wells in the program will be drilling by Feb. 29, 2000.
On the strength of an aggressive capital program and allowing for an annual decline rate of 10 per cent, the company has set its exit target for the year 2000 at 1,800 boe/d (40 per cent oil and 60 per cent natural gas).
libertyoilandgas.com
At current Oil prices, LBR expects $0.80+ CashFlow for the 12 months coming up. |
