The partnership expects its full year 2011 crude oil and natural gas capital spending program to be approximately $71m, excluding acquisitions, compared with approximately $70m in 2010.
The partnership anticipates spending approximately 70% principally on oil projects in California, Florida and Wyoming and approximately 30% principally on gas projects in Michigan, Indiana and Kentucky.
The partnership expects to drill or redrill approximately 40 wells in 2011 with 75% of its total capital spending focused on drilling and rate generating projects.
As part of its 2011 capital spending program, the partnership plans to drill three additional horizontal wells in its Raccoon Point Field in the Sunniland Trend in Florida.
The partnership’s first horizontal well in the Raccoon Point Field, the CL & CC 27-5AH, came on production in May 2010 and its second well, the CL & CC 27-6AH, came on production in early January 2011.
A third well in the field, the CL & CC 26-2AH, was spud in late December and is currently drilling below 10,700ft.
