Equal Energy Ltd. (EQU) reported that the company was altering its 2010 oil and gas development capital budget to increase the development of several of its core areas in North America.

Equal Energy Ltd. is increasing the budget for the development of the Cardium play in Alberta, Canada, and for the Circus Viola oil formation in Oklahoma. The company has already started drilling two horizontal wells at the Alberta project, and plans two more during August 2010.

Equal Energy Ltd will support this increased development by deferring drilling on the Hunton project, a liquids rich prospect located in Oklahoma. The company’s original capital plan called for drilling four horizontal wells in 2010 at the Hunton project, but due to the deferral the company will now spud only one well here.

The shift in capital will not impact the company’s guidance on production for 2010. Equal Energy Ltd. said that oil and gas production for 2010 would be toward the lower end of a range between 9,200 and 9,700 barrels oil equivalent per day.

Equal Energy Ltd. is an oil and gas exploration and production company with properties in the United States and Canada. The company’s other properties are located in British Columbia and Saskatchewan.

For more information on the company, go to http://www.equalenergy.ca/

Let us hear your thoughts below: