February 25, 2011 / 11:46 AM / 7 years ago

UPDATE 1-NiMin Energy says 2010 proved reserves up 45 pct

* Q4 avg production up 72 pct to 1,035 boe/d

* Sets 2011 capex at $25 mln (Adds details)

Feb 25 (Reuters) - Canada’s NiMin Energy Corp said its proved reserves at end 2010 grew 45 percent, helped by successful drilling in Wyoming and positive results from a oil recovery project in California.

The California-based oil and gas explorer, which has operations in the Bighorn Basin of Wyoming and San Joaquin Basin in California, said its fourth quarter average daily production rose 72 percent to 1,035 barrels of oil equivalent(boe).

The company also set a capital budget of $25 million for 2011, and said it would focus on drilling and facility upgrades.

Proved reserves at end 2010 were 17.3 million boe, NiMin said in a statement.

NiMin Energy shares closed at C$1.95 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Jarshad Kakkrakandy)

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