May 25, 2010 / 2:20 PM / in 7 years

UPDATE 1-NAL Oil & Gas buys acreage in Saskatchewan

* Sees higher 2010 exit production of 31,000-32,000 boe/d

* Backs 2010 capex program of $210 mln

May 25 (Reuters) - NAL Oil & Gas Trust NAE_u.TO raised its 2010 exit production outlook on the back of its acquisition of additional undeveloped acreage near its new light oil discovery at Hoffer in southeast Saskatchewan.

The trust said 2010 exit production rate is now expected to increase to 31,000 to 32,000 barrels of oil equivalent per day (boe/d), with net capital expenditure still expected at $210 million.

The acquisition creates a new Mississippian light oil resource play for the trust in southeast Saskatchewan and has raised it position in the area to about 173,000 acres from about 95,000 acres.

Units of the Calgary, Alberta-based trust, which have lost 22 percent of their value in the last three months, were down over 3 percent to C$9.83 early Tuesday morning on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below