Novus Energy Inc fka NVS

[sumisu]

Novus Energy projects higher 2012 production

Wed Feb 8, 2012 9:07am EST

http://tinyurl.com/73648sk

Feb 8 (Reuters) - Canadian oil and gas company Novus Energy Inc forecast a 67 percent jump in production this year as it scales up spending in its key Viking project in Dodsland, Saskatchewan.

Novus Energy -- which has operations in Viking, Bakken and Cardium, where it is targeting mainly light oil resource plays -- also said its total proven reserves jumped 83 percent, largely on reserve additions from its Viking project.

For the fourth quarter, the company produced about 2,845 barrels of oil equivalent per day (boe/d), an increase of 81 percent.

The company pegged its 2012 capital expenditures at C$81 million, up from its budget of C$60 million for the previous year.

Novus Energy expects to produce 3,300 boe/d this year. The company said it would exit the year with production at 4,500 boe/d.