Jan 28 (Reuters) - Penn West Petroleum Ltd PWT.TO :
* Announces operational update, 2016 capital budget and provides full year
guidance
* Says approved a highly disciplined capital budget of $50 million for 2016
* Says fourth quarter production volumes averaging over 77,000 boe/d
* FY operating costs are expected to be below the bottom end of guidance and
G&A is expected to be within the guidance range
* Expect average annual production in 2016 between 60,000 boe/d and 64,000
boe/d, with a liquids weighting between 66% and 68%
* Estimate the deferral of these projects will reduce 2016 annual average
production by an additional 2,500 boe/d
* Says do not anticipate starting work on any new wells in the Viking or the
Cardium in the first half of the year
* In addition to $50 million capital budget, expect that decommissioning
expenditures for year will be approximately $20 million
* Source text for Eikon ID:nPn2wdCFC
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