FORT ST. JOHN, B.C. – Crew Energy Inc. has announced 3rd quarter financial and operating results, as well as a plan to increase the 2016 capital budget, which will mean more wells being drilled in the Montney area.
The company outlined the reasoning they were granted an increase in the 2016 capital budget in a release sent out Friday.
“Our original $70 million capital budget for the year positioned the Company to thrive through what has been the lowest point in this recent commodity downturn, however it did not provide sufficient activity to support our long range plan to exceed an exit rate of 60,000 boe per day in 2019.
As a result, Crew’s Board of Directors has approved an increase in our 2016 capital budget to approximately $100 million, which will significantly increase the number of wells drilled during 2016 to 22 from seven, thereby adding to the inventory of wells needed to fill our West Septimus facility expansion to 120 mmcf per day from its current 60 mmcf per day and cover some of the initial facility expansion costs.”
The Company says they are “pleased” with the Crew’s current position and the future outlook for 2017 and beyond.