Precision Drilling Announces December Distribution of C$0.13 Per Unit Precision Drilling Trust, Calgary, (NYSE: PDS) says its December cash distribution will be C$0.13 per unit. Unitholders as of Dec. 31 will receive payment on Jan. 15, 2009, and unitholders with Class B limited partnerships of Precision Drilling Ltd. Partnership will receive the economic equivalent.
Precision provides energy services to the North American oil and gas industry.
Enerplus Cuts 2009 Capex by 45%, Reports January Cash Distribution Enerplus Resources Fund, Calgary, (NYSE, TSX: ERF) says it plans to spend C$300 million in 2009, a 45% decrease from 2008.
Approximately C$240 million will be spent on conventional Canadian development, C$35 on U.S. operations and C$25 million on oil sands.
Enerplus says it will focus its spending on "high-value development projects, maintaining the integrity of our existing infrastructure and new development areas given our desire to add opportunities in emerging resource plays" About 70% of its conventional spending will be used on its natural gas program, which will concentrate on shallow- and tight gas projects. The remaining 30% will be spent on oil development, specifically the U.S. Bakken region.
The company says its production will see a decline of approximately 5%, from 91,000- to 88,000 barrels of oil equivalent per day. As a result, operating costs are expected to increase by 12% to C$10.65 per barrel of oil equivalent compared to 2008's forecast of C$9.50.
Enerplus reports that as of Nov. 30, 2008, it had approximately C$579 million of long-term debt, comprising C$286 million of senior unsecured notes and C$293 million of bank indebtedness.
In addition, January's cash distribution has been decreased from C$0.38- to C$0.25 per unit. Unitholders as of Dec. 31 will receive payment on Jan. 20
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