OTCPK:VGIPF - Post by User
Post by
blondeBondon Feb 04, 2014 8:58am
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Post# 22169113
Renegade Announces a $58 Million Capital Budget
Renegade Announces a $58 Million Capital BudgetCALGARY, ALBERTA--(Marketwired - Feb 4, 2014) - Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) announced today that its Board of Directors has approved a $57.7 million capital budget for 2014 directed at exploitation of its high quality light-oil assets in southeast and west central Saskatchewan. This capital program is consistent with the Company's long-term objectives of drilling low-risk, high impact wells while maintaining a strong focus on cost reduction in all areas and safe-guarding the dividend.
2014 CAPITAL BUDGET STRATEGIC OBJECTIVES
| Profitability |
- 97% light-oil with top tier operating netbacks |
| Sustainability |
- 25% corporate declines
- Strong capital efficiencies in core areas |
| Cost Reduction |
- Renewed focus on reduction of G&A and operating costs |
| Sustainable Dividend |
- 27% dividend payout ratio
- 102% all-in payout ratio |
| Long-Term Growth |
- 260+ net light-oil development drilling locations |
Here's
the full release.