April 10, 2012 / 10:29 AM / 6 years ago

UPDATE 1-Vero Energy raises 2012 output on Cardium success

April 10 (Reuters) - Vero Energy Inc raised its 2012 production forecast as output from the Cardium assets in Alberta increased in the first quarter, helped by higher number of wells drilled.

Production forecast was raised to 2,500 barrels of oil equivalent per day (boed) to 2,700 boed from its earlier view of 2,300 boed to 2,500 boed, the Calgary, Alberta-based oil and natural gas producer said in a statement.

The company also raised its exit production forecast to 3,000 boed to 3,300 boed from 2,800 boed to 3,100 boed.

Vero Energy said the company’s credit facility with the Canadian Imperial Bank of Commerce will be increased to C$65 million from C$45 million as it achieved 100 percent success rate in drilling 8 wells during the first quarter.

In March the company’s production averaged 2,550 boed, a 42 percent increase in output from the Cardium assets since January.

In January, the company sold it natural gas assets for C$209 million to a private company, said it expects to have 70 percent production of liquids this year.

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