January 20, 2011 / 3:03 PM / 7 years ago

UPDATE 1-Vero Energy says to focus on light oil drilling

* Plans to drill 3 horizontal Notikewin wells in Q1

Jan 20 (Reuters) - Canada’s Vero Energy Inc VRO.TO said it will continue to shift to a more light oil-weighted drilling in 2011 as its success in the fourth-quarter drilling program resulted in lower costs.

The continued shift in capital to light oil is expected to result in a rise in funds flow of about 40 percent over 2010, said the company, which explores and produces natural gas, natural gas liquids and oil in Western Canada.

Vero, which produces more than 1,500 barrels of oil equivalent per day (boed) from the Cardium sands, forecast average production of 10,000-10,500 boed in 2011.

It expects to spend about C$100 million in exploration and development capital.

Vero shares were down 7 Canadian cents at C$6.07 in morning trade on Thursday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Gopakumar Warrier)

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