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Company Press Release
SOURCE: Ranger Oil Limited
Ranger Oil's 1998 Capital Expenditure Program
TSE:RGO - MSE:RGER - NYSE:RGO - PSE:RGO - LONDON:RGO
CALGARY, Nov. 24 /CNW/ - Ranger Oil announces that it plans a capital expenditure program for 1998 of approximately U.S.$285 million, the largest in the Company's history.
Development expenditures account for two-thirds of the budget. Major projects include the Banff, Pierce, Columba 'E', and Kyle fields in the North Sea, the Kiame field in Angola and as well, a number of Canadian conventional and heavy oil projects. By the end of 1998 these developments should add over 40,000 barrels of oil production per day.
The remaining third of the budget will be on exploration. The 1998 program includes high-impact wells in the North Sea, Angola Block 4, Ecuador Block 19 and the Northwest Territories in Canada. In addition, over thirty wells are planned in the Western Canadian basin and in the U.S. Gulf of Mexico. Significant funds are also being directed at property and seismic acquisition in these and other areas. Together with new ventures, these will lead to continued expansion of international drilling opportunities in 1999 and future years.
It is also the Company's intention to dispose of a number of non-core properties, mainly in Canada, by the second quarter of 1998. Sales proceeds will likely fall in the range of US$50 to US$100 million.
Issued by: F. J. Dyment
President and Chief Executive Officer
SOURCE: Ranger Oil Limited |
