Forest Oil announces $600-650 million budget for 2011

By OGJ editors
HOUSTON, Jan. 21
-- Forest Oil Corp. announced a 2011 budget of $600-650 million, saying 80% of the budget will be allocated to liquids-rich plays such as the south Texas Eagle Ford oil play and the Granite Wash liquids-rich assets in the Texas Panhandle.

The rest of the budget will be allocated primarily to gas development in the Deep basin of Alberta, Forest said. The Denver company’s total 2011 budget represents a decrease of 10% compared with its 2010 budget. Its 2011 drilling program primarily will involve horizontal drilling, executives said.

H. Craig Clark, Forest president and chief executive officer, said the Granite Wash play is expected to receive about half of the 2011 budget. Forest Oil plans to use six horizontal rigs in that play, he said.

“We will allocate about one-third of our budget to Canada, focusing on the Deep basin in our Nikanassin resource play and in the Peace River Arch in our Evi light-oil play,” Clark said. Forest intends to transition the Nikanassin play to horizontal development during 2011 and to expand horizontal drilling in Evi field.

Forest Oil initially intends a 1-2 drilling rig program in its Eagle Ford oil acreage in the Texas counties of Gonzales and Wilson.

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