UPDATE: Penn West Exploration Down 7% to New Year Low - Sets 2013 Capital Budget of $900 Million
Penn West Petroleum Ltd. ( PWE ) is down 6.70% to $10.17, after sinking to a new 52-week low of $10.11. The company earlier said the Board has approved a 2013 base capital budget of $900 million with the possibility of an additional $300 million based on certain conditions.
The focus of the 2013 capital budget is to improve capital efficiencies by focusing capital on those projects that, on average, are expected to produce flowing barrel efficiencies in the $35,000 to $40,000 per boe per day range while also attaining a minimum 20% internal rate of return target.
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