January 26, 2011 / 12:05 PM / 7 years ago

UPDATE 1-NAL Energy to focus 2011 capex on Alberta, Saskatchewan

* Plans capital program of C$200-C$230 mln in 2011

* Expects 2011 production of 29,700-30,700 boe/d

* Forecasts operating costs of C$10.50-C$10.90 per boe

* Says to keep monthly dividend at C$0.07/shr

Jan 26 (Reuters) - Canada’s NAL Energy Corp NAE.TO will spend 85 percent of its capital spending this year on oil development opportunities in Alberta and Saskatchewan. NAL, which also operates in northeast British Columbia, is looking at a capital program of C$200-C$230 million in 2011 and would spend about 40 percent of that in the first quarter.

Last November, the company forecast 2010 capital expenditures of C$210 million.

The Calgary, Alberta-based company expects full-year production volumes of 29,700-30,700 barrels of oil equivalent (boe) per day, with half the production weighted to natural gas. For 2010, it had forecast production of 29,500-30,500 boe per day.

NAL sees 2011 operating costs of C$10.50-C$10.90 per barrels of oil equivalent this year.

The company, which added significant acreage in the Mississippian light oil resource in southeast Saskatchewan, expects to drill about 139 wells this year.

Shares of the company closed at C$12.91 on Tuesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Unnikrishnan Nair)

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