Whittier (NASDAQ:WHIT)
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Whittier Energy Corporation (NASDAQ:WHIT) announced today a $39 million
capital expenditure budget for 2007.
The Board of Directors of Whittier Energy Corporation has approved a
capital expenditure budget for 2007 of $39 million. This represents an
increase of approximately 19% over the $32.7 million dollar capital
expenditure budget for 2006.
Whittier anticipates that the 2007 capital expenditure budget will allow
the Company to participate in approximately 38 new wells, 16 of which
the Company expects to operate. Whittier plans to spend approximately
19% of the 2007 capital expenditure budget in the Permian Basin and
approximately 13% on the Company’s South Texas
properties with the balance, approximately 68%, in the onshore Gulf
Coast region where Whittier has extensive acreage positions. The Company
expects to spend approximately $15.6 million, or 40% of the total
budget, on proved undeveloped locations, 7%, or approximately $2.7
million, on land and seismic acquisition and the remaining 53%, or $20.7
million, on developing non-proved locations.
In addition, the Company recently completed meetings with the banks
participating in its asset-based credit facility and estimated its
proven reserves to be approximately 50 Billion cubic feet equivalent as
of September 30, 2006.
About Whittier Energy Corporation
Whittier Energy Corporation is an independent oil and gas exploration
and production company headquartered in Houston, Texas, with operations
in Texas, Louisiana and Mississippi. Whittier Energy also holds
non-operated interests in fields located in the Gulf Coast region,
Oklahoma, Wyoming and California. To find out more about Whittier
Energy Corporation (NASDAQ:WHIT), visit www.whittierenergy.com.
Forward-Looking Statements
This news release includes projections and other "forward-looking
statements" within the meaning of the Private Securities Litigation Act
of 1995. These projections or statements reflect Whittier's current
views about future events and performance. No assurances can be given
that these events or performance will occur as projected and actual
results may differ materially from those projected. Important factors
that could cause the actual results to differ materially from those
projected include, without limitation, the availability and costs of
drilling rigs and other oilfield services, drilling and operating risks,
exploration and development risks, and other risks inherent in Whittier’s
business that are detailed in its Securities and Exchange Commission
filings. Whittier assumes no obligation and expressly disclaims any duty
to update the information contained in this news release except as
required by law.