February 9, 2012 / 11:53 AM / in 6 years

UPDATE 1-Crocotta Energy to double output in 2012

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Feb 9 (Reuters) - Oil and natural gas company Crocotta Energy Inc said it expects to almost double its output this year.

Crocotta, which operates primarily in west-central Alberta and northeast British Columbia, said it expects 2012 average production to rise to about 7,350 Barrels of oil equivalent per day (boepd) from 3,725 boepd last year.

Out of the total 7,350 boepd, 2,205 bopd will be in the form of oil and liquids, it added.

The Canadian company expects to 2012 exit production to be at 8,500 boepd, higher than the 2011 exit rate of 6,500 boepd.

Crocotta has set a capital budget of C$87 million for 2012, focusing mostly on oil.

Shares of the company closed at C$3.40 on Wednesday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Sreejiraj Eluvangal)

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