December 16, 2009 / 3:16 PM / in 8 years

UPDATE 1-Penn West lowers production outlook, swaps land

* Penn West sees daily 2010 output 167,000 to 175,000 boe

* Earlier forecast was 170,000 to 180,000 barrels

* 2010 capex range now C$750 million and C$900 million

* Penn West units up 1.9 pct at C$18.71 (Adds details)

TORONTO, Dec 16 (Reuters) - Canada’s Penn West Energy Trust PWT_u.TO lowered its 2010 production forecast and widened the range of its 2010 capital spending forecast on Wednesday after it swapped some Western Canadian properties with Crescent Point Energy CPG.TO.

The trust now expects to produce between 167,000 and 175,000 barrels of oil equivalent per day in 2010, down from its November forecast of 170,000 to 180,000 barrels.

It also widened its capital expenditure budget range to $750 million to C$900 million from its Nov. 5 estimate of C$800 million to C$900 million.

The trust said it would swap its interest in the Lower Shaunavon development in Saskatchewan with Crescent Point in exchange for a light oil play in Western Central Alberta.

Penn West units were up 1.9 percent at C$18.71 on the Toronto Stock Exchange on Wednesday morning. ($1=$1.06 Canadian) (Reporting by Scott Anderson; editing by Peter Galloway)

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