What is ARCs capital budget for 2011?
ARC’s board of directors has approved a $625 million capital budget for 2011, which is consistent with the 2010 capital budget. The budget allows for considerable growth targeting 12 per cent production growth which will bring the total production at year end 2011 to approximately 93,000 boe per day. The capital program will focus on oil and liquids rich opportunities primarily in the Pembina and Ante Creek in Alberta, southeast Saskatchewan as well as gas opportunities at Parkland and Dawson in northeast British Columbia. We expect that the budget can be fully financed internally with cash flow, proceeds from a small asset sale, proceeds from the DRIP and a small amount of incremental debt if necessary.
