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Cenovus Resuming Upward Slope; Shares Declined Earlier Despite Big Bump in 2012 Production Forecast

Cenovus Energy Inc. (CVE.TO) is starting to climb off its lows for the day, gaining about 15 cents over the past 30 minutes to pull within 1% of even for the session at $32.84 a share.

Cenovus shares started about 11 cents higher, reaching $33.18 each after saying it expects oil production to grow significantly next year, with its Christina Lake oil sands operation more than doubling average volumes from 2011 levels as Phase C expansion reach full production by mid-year. Phase D improvements are expected to come on line by the end of 2012, several months ahead of schedule.

Cenovus also plans to make substantial investments in its oil assets next year, setting a 2012 capital budget of between $3.1 billion to $3.4 billion, or about 23% higher than planned 2011 capital spending.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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