Houston-based Burlington resources reported on Monday that its preliminary estimates for first quarter 2001 average daily natural gas production is up by 5% over fourth quarter 2000 levels to 2 Bcf/d. The company attributed the increase primarily to its Canadian operations.

Burlington said its Canadian exploration and production unit is expected to achieve an average rate of 470 MMcf/d during the first three months of 2001. The level exceeds prior estimates and is up 17% from the prior quarter and 12% from the first quarter of 2000. Average oil production is currently pegged at 66 Mbbl/d, which also is in the high end of previous estimates.

Even with volume production in the first quarter meeting or beating previous estimates, Burlington remains conservative on full year predictions. The company said it is too early to materially increase expectations for all of 2001.

Burlington expects realized prices for natural gas and oil, including the impact of hedging in the first quarter, will be within the range of $5.20 to $5.35/Mcf, and $25.00 to $26.00/bbl, respectively.

The company also reported that its exploration expense in the first quarter was estimated to be in the lower end of its $90-to-$120 million range. Burlington said final expenses will depend on results of wells that are currently being drilled.

The oil and gas company said it would hold meetings Tuesday and Wednesday in New York and Boston, respectively, to outline the company’s current strategy and its plan for future growth. The April 3 New York meeting at 10 a.m. (EST) will also discuss the company’s operational and financial performance during the first quarter of 2001. It will be web cast on the company’s web site.

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