May 25, 2009 / 11:50 AM / in 9 years

UPDATE 1-Angle Energy sees higher 2009 production

* Sees average FY09 production of 7,900-8,100 Boe/d

* Sees cash flow of C$42 mln - C$44 mln

May 25 (Reuters) - Calgary-based oil and gas explorer Angle Energy Inc NGL.TO forecast about a 23 percent jump in 2009 average production, helped by its recently announced acquisition of certain producing properties in western central Alberta.

Angle expects average production for the year of 7,900 barrels of oil equivalent per day (boe/d) to 8,100 boe/d.

It sees exit production, or production for the final quarter of 2009, of 8,400 boe/d to 8,600 boe/d.

The company said it expects 2009 cash flow, an indicator of a company’s ability to pay for new projects and drilling, of C$42 million to C$44 million.

Earlier this month, Angle said it agreed to buy certain assets within its Ferrier core area for C$22.5 million in cash.

The deal included the acquisition of production of 550 boe/d from a 53 percent average working interest in seven producing oil wells and a 75 percent working interest in seven producing oil wells. [ID:nBNG484089]

Shares of the company closed at C$4.55 Friday on the Toronto Stock Exchange.

For outlook-related alerts, double click on [ID:nWNAB3049] (Reporting by Isheeta Sanghi in Bangalore; Editing by Himani Sarkar)

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