Over the next year, they will be focused on profitable production.

 

The company plans to direct 80 percent of its capital budget this year towards drilling for oil and gas-liquids but expects little change in its natural gas production in 2013, forecasting output of 2.8 billion to 3 billion cubic feet per day, compared with 3 bcf/d last year. "We have an extensive portfolio of emerging oil plays that are under evaluation and a range of established plays that can be profitable at current commodity prices, and those are the areas where we plan to spend our time and money in 2013," said interim Chief Executive Clayton Woitas.