Zargon Oil & Gas Ltd Reaffirms Capital Expenditure Guidance for the Year 2013 and 2014, Production Guidance for the Fourth Quarter of 2013 and Provides Production Guidance for the First Quarter of 2014
The company's 2014 capital budget remains at $35 million for conventional projects, $4 million for ASP capital projects and $10 million for ASP chemical expenditures. The $49 million capital program is forecasted to be funded by cash flows, long term bank debt and the sale of approximately $5 million of non-strategic oil and natural gas properties.
For the fourth quarter of 2013, the company reaffirmed production guidance of 4,550 barrels of oil and liquids per day and 15.00 million cubic feet of natural gas per day.
For the first quarter of 2014, the company's production rates are now forecast to average 4,300 barrels of oil per day and 14.30 million cubic feet of natural gas per day.