Dec 19 (Reuters) - Canada’s Bonterra Energy Corp said it expects full-year production to rise by about 10 percent as it ramps up spending to boost its light oil output.
The company expects full-year 2012 production to average 6,700-7,000 barrels of oil equivalent per day (boepd). The company said it would exit this year with production of about 6,800-6,900 boepd.
Bonterra pegged its 2012 capital expenditure budget at C$65 million, compared with its estimated spending of C$50-C$60 million this year.
The company expects to fund its capital spending out of cash flow, proceeds from the exercise of employee stock options and sale of investments, it said in a statement.
Bonterra shares closed at C$51.08 on Monday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Viraj Nair)