Expenditure

Comstock Resources Inc. said Wednesday it is raising its 2006 capital expenditure budget for development and exploration activities by 67% over the previous year to $200 million. In 2005, the Frisco, TX-based company spent $120 million on E&P.

California-based Berry Petroleum Co. raised its 2006 capital expenditure budget 15% to $160 million, with about 60% of the total going to exploration and production in the Rocky Mountains and Midcontinent assets. The other 40%, or $62 million, will be used to develop Berry’s California assets. Berry is targeting production growth of 9% to average about 25,000 boe/d before acquisitions. Production in 2006 is expected to be about 70% heavy oil, 15% light oil and 15% natural gas.

Marathon Oil Corp. on Friday announced it had approved a 2004 capital, investment and exploration expenditure budget of approximately $2.26 billion, a 3.7% increase over 2003. The company spent $2.18 billion in 2003, excluding $250 million spent on acquisitions.

Magnum Hunter Resources Inc. on Tuesday boosted its 2003 capital expenditure plan by $15 million to $115 million, mostly to ramp up exploration work on new leases in the Gulf of Mexico (GOM). Of the increase, $14 million alone will be directed to offshore activities.

The board of directors of Calgary-based Atlas Energy Ltd. said it has approved an exploration and development capital program of approximately C$29 million in 2003, which represents an increase of C$8 million from its previously announced 2003 budget released on Dec. 9, 2002.

Energy Search Inc. has finalized an agreement with SouthernProducer Services LP, a subsidiary of Southern Energy Inc., toextend the funding of its capital expenditure program for 2001. Aspart of the agreement, Southern pre-approved 60 wells to be funded.Energy Search, based in Knoxville, TN, plans to drill 75 wells nextyear for about $11.5 million, primarily natural gas reserves in theAppalachian Basin. Energy Search CEO Charles P. Torrey said theagreement with Southern allows the company to “expand and expediteour aggressive drilling program.” He added that Southern had been”vital” to the company’s drilling schedule, and said he consideredSouthern’s commitment “a validation of our business developmentplan for the coming year.”

Pennaco Energy increased its capital expenditure budgetWednesday from $18.4 million to $26.5 million in a move intended tocapture the “hottest domestic onshore play” in the country. All ofthe revised budget will be invested in Powder River Basinoperations.