December 19, 2011 / 11:43 PM / in 6 years

UPDATE 1-Bonterra Energy forecasts higher 2012 output, spending

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)

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