By OGJ editors
HOUSTON, Jan. 15 -- Encore Acquisition Co. plans a $445 million capital budget for its 2008 drilling and development program compared with a $370 million drilling and development budget for 2007.
This year Encore Acquisition plans to spend $347 million on drilling, $67 million on improved oil recovery and workovers, and $31 million on land, seismic, and other expanses.
The company, based in Fort Worth, Tex., plans to spend $164 million in the Rockies, $140 million in West Texas, $102 million in the Midcontinent, and $39 million in its New Mexico region.
Jon S. Brumley, EnCore Acquisition president and chief executive officer, said the 2008 budget represents lower risk than did the 2007 budget because the company has refined its focus on long-life oil field enhancement.