March 20 (Bloomberg) -- Maple Energy Plc, a crude and natural-gas producer with operations in Peru, denied it is planning to cut production in the country on low oil prices.

Gestion today reported that the company is planning to seal heavy-crude wells if oil prices remain below $60 a barrel, citing General Manager Guillermo Ferreyros.

Ferreyros told Bloomberg News in an interview he was speaking hypothetically about the impact of low prices on the industry.

“This was completely taken out of context,” Ferreyros said. Maple is not planning to close wells in Peru “by any means.”

Maple has begun a program to build 22 new development oil wells in Peru, and expects to conclude it by the beginning of 2010, Ferreyros said.

Crude oil for April delivery fell 6 cents to $51.55 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange today.

To contact the reporter on this story: Hugh Collins in Mexico City at Hcollins8@bloomberg.net

Last Updated: March 20, 2009 16:43 EDT