October 20, 2010 / 10:58 AM / in 7 years

UPDATE 1-Angle Energy Q3 output rises sequentially

* Raises 2010 capital spending forecast

* Backs 2010 exit target

Oct 20 (Reuters) - Canada’s oil and gas explorer Angle Energy Inc NGL.TO said third quarter average production rose 37 percent sequentially, but raised its 2010 capital spending forecast.

The company, which is currently producing 12,100 barrels of oil equivalent per day (boe/d), said its quarterly production was about 10,021 boe/d.

The company expects 2010 total capital spending to increase to about C$187 million, from its earlier forecast of C$160-C$165 million.

Angle Energy said additional cash was used to acquire acreage for the Viking light oil play and to expand existing, or construct additional, facilities.

The company, which currently estimates its total debt at C$168 million at the end of September, said its expects to end 2010 with net debt of C$170-C$173 million.

The company also backed its 2010 exit target of 13,500 boe/d.

Shares of the company, which have risen 20 percent year-to-date, closed at C$8.18 on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Prem Udayabhanu) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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