January 11, 2011 / 11:56 AM / 7 years ago

UPDATE 1-Daylight Energy sees 3 pct production growth in 2011

* Sees to enter 2011 with production of 41,500 boe/d

* Sees 2011 capex of $250 mln

* Q4 production estimated at 40,500 boe/d

Jan 11 (Reuters) - Oil and gas explorer Daylight Energy Ltd DAY.TO forecast a 3 percent growth in total production for 2011, as it focuses on developing its light oil assets located in the Pembina region of Alberta.

Daylight said it expects to start 2011 with a production rate of 41,500 barrels of oil equivalent per day (boe/d) and increase that by 500 boe/d every quarter.

Based on its current asset base, the oil and gas producer forecasts a daily average production rate of 42,000-42,500 boe/d in 2011.

The Calgary, Alberta-based company earmarked C$250 million ($251.6 million) in capital expenditures for 2011, with about $150 million allocated to its Pembina assets.

Daylight also estimated 2010 fourth-quarter production at about 40,500 boe/d.

Daylight’s shares, which have fallen nearly 10 percent since its conversion to a corporation last May, closed at C$9.98 on Monday on the Toronto Stock Exchange. ($1=.9935 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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