April 21, 2010 / 2:36 PM / in 8 years

UPDATE 1-Delphi Energy raises 2010 average production forecast

* Sees average production in 2010 of 7,700-8,200 boe/d

* Sees 2010 light oil, NGL weighting to about 24 pct

April 21 (Reuters) - Canada’s Delphi Energy Corp DEE.TO raised its full-year production forecast, citing success of its winter capital program.

The drilling program focused on its three core areas of Bigstone, Hythe and Wapiti/Gold Creek, all located in Northwest Alberta, capitalized on the light oil, liquids-rich natural gas and multi-zone nature of those assets.

Calgary-based Delphi expects average production in the range of 7,700 barrels of oil equivalent per day (boe/d) to 8,200 boe/d, up from 7,500 boe/d to 8,000 boe/d.

The company sees light oil and natural gas liquids weighting to be about 24 percent by the year-end, up from 15 percent in 2009.

Delphi reported production of about 7,600 boe/d for the first quarter of 2010 based on field estimates.

Additionally, the company has 800 boe/d to 1000 boe/d of new production capability to be tied in to existing pipeline and processing infrastructure during the second and third quarters.

Shares of the company were up 7 percent at C$2.95 during morning trade Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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