03:25 PM EST - MEG Energy Corp. : announced today that its Board of Directors has conditionally approved a broad-reaching production enhancement program for the company's in situ oil sands facilities at Christina Lake, Alberta. The program, called RISER, increases the company's production target from Christina Lake Phases 1, 2 and 2B to approximately 80,000 barrels per day (bpd) at the end of 2014 or early 2015 from the previous target of 60,000 bpd. With fixed costs spread over higher production volumes, RISER is also expected to help further reduce non-energy operating costs per barrel once the program is fully implemented. Capital costs for the incremental production growth are expected to be in the $15,000 to $20,000 per barrel per day range. To support its plans for increased. production, MEG expects to invest an additional $185 million in 2012. MEG Energy Corp.
shares T.MEG are trading up $2.42 at $37.92.
