February 16, 2011 / 10:30 PM / in 7 years

UPDATE 1-Peyto Exploration ups 2011 capex by over 30 pct

* Sets 2011 capex at C$300-C$325 mln

* Says current production in 2011 at 32,500 boe/d

Feb 16 (Reuters) - Peyto Exploration & Development Corp raised this year’s capital budget by about a third to C$300-C$325 million to ramp up production and expand reserves.

The Calgary, Alberta-based oil and gas explorer, which operates in the western Canadian sedimentary basin, said its production grew 60 percent in 2010 while reserves grew 30 percent.

Current production at 32,500 barrels of oil equivalent per day was driven by the drilling of 10 new wells in 2011, the company said in a statement.

Total capital required to develop the company’s proved or probable undeveloped reserves is estimated at about C$1.3 billion, or C$13.85 per share, till 2015.

The company forecast its existing producing reserves to generate over C$4.5 billion in undiscounted cash flow which will help fund the C$1.3 billion in future development capital.

Peyto shares ended at C$18.62 on Wednesday on the Toronto Stock Exchange. (Created by Gowri Jayakumar; Editing by Sriraj Kalluvila)

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