Sanchez Energy Announces 2012 Capital Budget and 2012 Guidance
Sanchez Energy Corporation (NYSE: SN) today announced its capital budget and operating plans for 2012 as well as an initiation of guidance for selected 2012 operating and financial metrics.
Sanchez Energy's 2012 capital budget calls for total spending of approximately $136 to $154 million. The 2012 plan calls for the drilling of 23 gross (16.5 net) wells, investing in central production facilities and related expenditures, leasing additional acreage in its core areas and the shooting of 3-D seismic in support of the company's drilling programs in the volatile and black oil windows of the Eagle Ford Shale trend of south Texas. The majority of the year's capital plan will be focused on drilling and completing wells, at $126 to $144 million, and is expected to be allocated by area as follows:
Palmetto area – 13 gross (6.5 net) wells at a capital cost of $52 to $58 million, with the first well expected to spud in late March Marquis area – 6 gross/net wells at a capital cost of $52 to $58 million, with the first well expected to spud in early March Maverick area – 4 gross/net wells at a capital cost of $22 to $28 million, with the first well expected to spud in late February The company expects to spend approximately $10 million on central production facilities and related infrastructure, leasing and seismic in support of its drilling program during 2012.
The company expects to spend approximately $10 million on central production facilities and related infrastructure, leasing and seismic in support of its drilling program during 2012.
