February 15, 2011 / 1:52 PM / 7 years ago

UPDATE 1-WestFire Energy raises FY production outlook, capex

* Raises FY prod view by 6 pct to 4,000 boe/d

* Raises capex to C$90 mln from C$55 mln

* Says to raise C$40 mln in bought deal

Feb 15 (Reuters) - Canada’s WestFire Energy Ltd raised its annual capital budget by 64 percent to C$90 million for the development of light oil projects in Alberta and Saskatchewan, and said it sees higher full-year production.

The company, which acquires and develops oil and gas assets, said it now sees full year production of 4,000 barrels of oil equivalent per day (boe/d) up from 3,750 boe/d, announced earlier.

It raised its 2011 exit production to 5,000 boe/d from 4,200 boe/d.

The company also said it agreed with its underwriters, co-led by Raymond James and Scotia Capital, to sell 4.4 million shares on a bought deal basis, and raise about C$40 million, or C$9.05 per share to finance its capital program.

The offering is expected to close on or about March 9, WestFire said in a statement.

Westfire will use about 80 percent of the budget to drill 61 gross wells , an increase of 24 gross wells, over earlier outlook, it added.

WestFire shares closed at C$9.77 on Monday on the Toronto Stock Exchange.

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