February 14, 2011 / 9:04 PM / in 7 years

UPDATE 1-Progress Energy Resources sets '11 capex at C$350 mln

Feb 14 (Reuters) - Canada’s Progress Energy Resources Corp set its capital budget at C$350 million ($354.5 million), and said it would raise about C$400.2 million in a bought deal to ramp up production this year.

The oil and gas explorer expects to produce about 45,000-46,000 barrels of oil equivalent per day (boe/d) and exit the year with production of 50,000-52,000 boe/d, it said in a statement.

The bought deal offering for total proceeds of about C$400.2 million is expected to close by March 7.

Shares of the Calgary, Alberta-based company were relatively flat at C$14.15 on Monday afternoon on the Toronto Stock Exchange. ($1 = 0.987 Canadian Dollars) (Created by Gowri Jayakumar; Editing by Sriraj Kalluvila)

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