Spartan Oil Lifts 2012 Spending, Production Forecast

Spartan Oil Corp SRTNF lifted its 2012 spending and production outlook. Spartan Oil raised its capital budget for this year to C$127 million, versus its earlier forecast of C$80.2 million. Spartan now projects average production to be in the range of 2,600 to 2,800 barrels of oil equivalent per day (boe/d), versus its prior forecast of 2,000 to 2,200 boe/d. Spartan Oil lifted its exit production target for the year to 4,300 to 4,500 boe/d, versus 2,600 to 2,800 boe/d. Spartan Oil shares closed at $3.8650 yesterday.