Penn
West
said
it
would
focus
capital
on
projects
that,
on
average,
were
expected
to
produce
flowing
barrel
efficiencies
in
the
C$35,000
to
C$40,000
per
barrel
of
oil
equivalent
per
day
range
while
also
attaining
a
minimum
20%internal
rate
of
return
target.
It
added
that
90%
of
the
approved
capital
budget
would
be
allocated
towards
light
oil
projects,
while
noting
facilities
and
well
equipping
capital
spending
would
be
significantly
reduced
in
2013
compared
to
last
year
due
to
the
completion
of
various
facilities
expansion
projects
over
the
past
two
years.
It
added
that…
