March 15, 2011 / 1:08 PM / 6 years ago

UPDATE 1-Novus Energy expects 2011 output to double

* Sees 2011 output at 2,400 boepd vs 1,115 boepd last year

* Says to develop 60 wells in 2011 (Adds details)

March 15 (Reuters) - Canada's oil and gas company Novus Energy Inc expects output to more than double in 2011 as it drills more wells.

The company, which will spend all its capital budget of C$60 million on oil development activities, forecast 2011 average production rate of 2,400 barrels of oil equivalent per day (boepd), compared with 1,115 boepd last year.

The company also forecast 2011 exit target at 3,000 boepd.

Novus Energy plans to drill 60 wells in 2011, and said 80 percent of its capital budget will be allocated to Viking oil resource play in Saskatchewan. It had drilled 33 wells in the area last year.

The western Canada focused-company also said its proved and probable reserves rose to 9.24 million boe in 2010, up from 2.51 million boe.

Shares of Alberta-based company closed at C$1.21 on Monday on the Toronto Venture Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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