nd in local area drilling activity, Calgary-based Terra Energy has announced expansion, of its 2008 Capital Expenditure Plan.
Terra now plans to spend approximately 52 million dollars this yearâ€¦virtually all of it in its Fort St. John core area.
The expanded plan calls for the company to drill a total of 16 wells nearly double what it had originally planned.
Bud Love is the companyâ€™s chief financial officer and he says the increased activity is primarily due to increasing natural gas prices and new technogoly which is driving up interest in the shale gas reservesâ€¦.
There were predictions earlier this year, of a 44 percent drop in natural gas drilling activity, from what it was three years ago.
However, Mr. Love says the recent price increases have instilled confidence in producers, to up their drilling programs and, he expects that to continue in the coming monthsâ€¦