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Whitecap sets 2017 budget at $300 million

DCN News Service
Whitecap sets 2017 budget at $300 million

CALGARY—Calgary oil and natural gas producer Whitecap Resources Inc. has announced board of directors approval of a $300-million capital budget for 2017.

The capital investment includes the drilling of 187 development oil wells which are anticipated to deliver annual production of 57,000 barrels of oil equivalent per day (boe/d) compared to 45,700 boe/d in 2016, an increase of 25 per cent.

Whitecap said in a media statement released Nov. 14 that it plans to allocate $234 million of its capital program towards drilling, completion, equipping and tie-in of new wells, along with recompletions and workovers of existing wells, $38 million on waterflood and enhanced oil recovery projects, $16 million on facilities and $12 million on health, safety, environment and other costs.

Whitecap said it intends to spend $94 million at its Viking resource play in west central Saskatchewan, $42 million in its southwest Saskatchewan formations Atlas, Success, Roseray and Shaunavon, $66 million at its Cardium resource play in west central Alberta and $57 million in northwest Alberta and British Columbia.

Whitecap’s capital investment forecasts for the following two years are even higher, with $420 million projected to be spent in 2018 and $470 million in 2019.

Meanwhile, Calgary-based Painted Pony Petroleum Ltd. has announced an expanded 2017 capital budget, with its 2017 capital spend set at $319 million.

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