UPDATE 1-Angle Energy Q3 output rises sequentially

* Raises 2010 capital spending forecast

* Backs 2010 exit target

Oct 20 (BestGrowthStock) – Canada’s oil and gas explorer Angle
Energy Inc (NGL.TO: ) said third quarter average production rose
37 percent sequentially, but raised its 2010 capital spending
forecast.

The company, which is currently producing 12,100 barrels of
oil equivalent per day (boe/d), said its quarterly production
was about 10,021 boe/d.

The company expects 2010 total capital spending to increase
to about C$187 million, from its earlier forecast of
C$160-C$165 million.

Angle Energy said additional cash was used to acquire
acreage for the Viking light oil play and to expand existing,
or construct additional, facilities.

The company, which currently estimates its total debt at
C$168 million at the end of September, said its expects to end
2010 with net debt of C$170-C$173 million.

The company also backed its 2010 exit target of 13,500
boe/d.

Shares of the company, which have risen 20 percent
year-to-date, closed at C$8.18 on the Toronto Stock Exchange.
(Reporting by Aftab Ahmed in Bangalore; Editing by Prem
Udayabhanu)
([email protected]; within U.S. +1 646 223 8780;
outside U.S. +91 80 4135 5800; Reuters Messaging:
aft[email protected]))

UPDATE 1-Angle Energy Q3 output rises sequentially