Lone Pine Resources (LPR) Announces 2012 Capital Budget of $200-$220 Million
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Lone Pine Resources Inc. (NYSE: LPR) today announced its capital budget and guidance for 2012. Lone Pine's capital budget for 2012 will focus almost entirely on light oil opportunities within the Company's deep portfolio of assets. Lone Pine has elected to pursue a 2012 capital program designed to maintain financial flexibility while focusing on high margin light oil projects. Lone Pine intends to invest $200 - $220 million in 2012 and anticipates this capital budget will be approximately 1.1x forecasted adjusted discretionary cash flow.
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