Natural gas producer Open Range Energy Corp said third-quarter production was higher sequentially and it planned to drill two additional wells at its Alberta property in the first half of 2010.
The company, which has operations in Deep Basin region of Alberta, said it was producing about 2,350 barrels of oil equivalent (BOE) per day.
Third-quarter production is up by about 50 to 100 BOE per day sequentially, partly due to the first Bluesky horizontal well that has been on production for two months now, the company said.
The company plans to drill two additional wells, which will be funded by projected cash flows and current financial capacity.
Shares of the Calgary, Alberta-based company closed at C$1.75 Friday on the Toronto Stock Exchange.
(Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)