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Natural gas company, Forest Oil to increase spending, drilling activity in 2010

2010-01-08 23:47:41 (GMT) (Caymanmama.com - Green Energy News)

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Forest Oil Corp.

Houston, Texas (CaymanMama.com) — A natural gas company based in Denver, Colorado announced Thursday that it plans to increase capital spending over the course of 2010, as well as expand their drilling activity.

Forest Oil Corp. has effectively stored up a cash cushion through the sale of non-core assets over 2009, and plans to run eight additional drilling rigs this year, bringing their total fleet to 20 rigs by the end of March.

The company also said it developed plans to shell out between $600 million $700 million on capital activities this year.

According to the AP, “The company said it will focus on horizontal drilling operations in unconventional natural gas deposits, including the Greater Buffalo Wallow Area, the Haynesville Shale and the Cotton Valley Sands in East Texas/North Louisiana, and the Deep Basin in Canada.”

Forest Oil Corp. has a goal of production of 439 million to 449 million cubic feet equivalent of natural gas this year.



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