February 23, 2010 / 2:10 PM / 8 years ago

UPDATE 1-Crew Energy sees 2010 capex at C$120 mln

* Says to drill at least 40 wells in 2010

* Sees 2010 production 15,500-15,750 boe/d

Feb 23 (Reuters) - Crew Energy Inc (CR.TO) said it expects to spend about C$120 million towards capital expenditure in 2010 and drill at least 40 wells mainly at its Princess project in Alberta.

The company reported average production of 14,002 barrels of oil equivalent (boe) per day in 2009, mainly on increasing contribution from its two key projects in Alberta and British Columbia.

The company, which produces gas from Montney shale region of British Columbia, sees 2010 production in the range of 15,500 to 15,750 boe per day, with an exit production rate of more than 17,000 boe per day.

Crew Energy shares, which have gained about 30 percent in value in the last three months, closed at C$14.76 Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anne Pallivathuckal)

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