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Hyperion increases capital spend to $33M

Hyperion Exploration Corp. is increasing its capital expenditures in 2011 to $33 million to speed up development of its low risk light oil assets in northwestern Alberta.


May 2, 2011
by PLANT STAFF

CALGARY: Hyperion Exploration Corp. is increasing its capital expenditures in 2011 to $33 million to speed up development of its low risk light oil assets in northwestern Alberta and BC.

The Calgary based oil and gas developer said the capital expenditures, up from $18.7 million, will be allocated to the drilling of horizontal wells at Pembina and Buck Lake; wells at Paradise, BC; and funding ($7.7 million) for land acquisitions, satisfaction of CEE flow through obligations, construction of oil battery facilities, optimizations, maintenance and contingencies.

So far this year two gross horizontal wells have been drilled at its Cardium site in Alberta and three at Paradise.

The company said the balance of the 2011 drilling program will begin after spring breakup.
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