November 14, 2011 / 3:44 PM / 7 years ago

UPDATE 1-Spartan Oil raises exit production outlook, shares up

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Nov 14 (Reuters) - Spartan Oil Corp raised its 2011 exit production forecast and capital budget program, sending the Canadian oil and gas explorer’s shares up 7 percent.

The company now sees year-end exit production at 1,500 barrels of oil equivalent per day (boepd), up from its previous forecast of 1,050 boepd.

The company raised its 2011 capital expenditure to C$41.3 million from C$33.6 million to drill more wells in Alberta and Saskatchewan.

The budget program will be funded through cash flow and the company’s credit facility, which was recently increased to C$25 million, Spartan said in a statement.

The company started operations on June 1, 2011, after the completion of a plan of arrangement among Spartan Exploration Ltd, Penn West Petroleum Ltd and Spartan Oil.

Shares of the company were trading up at C$3.00 on Monday morning on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Sriraj Kalluvila)

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