Anderson Energy Ltd.

Anderson Energy Ltd.

April 25, 2007 09:11 ET

Anderson Energy Ltd. Announces Revision to 2007 Capital Budget

CALGARY, ALBERTA--(CCNMatthews - April 25, 2007) - Anderson Energy Ltd. (TSX:AXL) is pleased to announce a revision to its 2007 capital budget following the closing of a $34.5 million financing announced yesterday. Net proceeds of the financing are estimated to be $32.5 million after commission and expenses.

The Board of Directors of the Company has approved an increase to its 2007 capital budget from $50 million to $70 million. The Company estimates that it will drill 134 gross (78 net) wells in 2007, with the net Edmonton Sands well count being 64 wells and the net CBM well count being 7 wells. The increase in capital spending is expected to impact production by the fourth quarter of the year with 2007 exit production estimated to be 6,000 to 6,200 barrels of oil equivalent per day.

We encourage anyone interested in further details on our Company to visit our website at


Certain information regarding Anderson Energy Ltd. in this news release including management's assessment of future plans and operations, number of locations in drilling inventory and wells to be drilled, timing of drilling and tie-in of wells, productive capacity of the wells, timing of construction of facilities, expected production rates, dates of commencement of production and capital expenditures and timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Anderson's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (, at Anderson's website ( Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Anderson does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Anderson Energy Ltd.
    Brian Dau
    President and Chief Executive Officer
    (403) 206-6000