Forest Oil Corp. (NYSE: FST) reported Thursday that the oil company will increase capital spending by 18 percent this year for drilling expansion, according to Associated Press.
Forest Oil plans to operate eight more drilling rigs this year, bringing its total to 20 rigs by the end of the first quarter. The company plans to spend between $600 million and $700 million on capital activities in 2010.
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The company said it will focus on horizontal drilling operations in unconventional natural gas deposits, including the Greater Buffalo Wallow Area in New York, the Haynesville Shale and the Cotton Valley Sands in East Texas/North Louisiana, and the Deep Basin in Canada.
It is targeting production of 439 million to 449 million cubic feet equivalent of natural gas in 2010.
Shares fell 13 cents to $25.01 in afternoon trading.
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