Western Canada-focused oil and gas company Bellatrix Exploration said yesterday 2014 was another successful and profitable growth year for the company.
The Calgary firm said it benefited from the largest capital programme in its history, which provided 18% growth in proved plus probable reserves to a total of 250million barrels of oil equivalent (boe).
Annual production increased by 74% in 2014 to 13.9million boe from 8million boe the year before.
The firm said: “2015 represents a transformational year for the company, given the strategic infrastructure investment made over the past several years.
“The decision to build, maintain, and control operatorship of key strategic infrastructure remains critical to our long term sustainability and growth objectives.
“Bellatrix anticipates significant benefits from our infrastructure investment including an improvement in operational reliability, increased revenue from enhanced liquids extraction, and reduced operating costs.”
The firm’s 2015 net capital budget of £132.3million is comprised of approximately £79.4million drilling and completion costs, £46.3million facility and infrastructure costs and£6.6million land, geological and other related costs.
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