/C O R R E C T I O N from Source -- Longview Oil Corp./

 In c4339 disseminated today at 19:14e, please note that "Technical Services  Agreement Update" information is added just before "Forward-Looking  Statements". Corrected copy follows:  Longview Announces 2014 Guidance  44% Increase in Capital Program Expected to Boost Oil Production by 12%  Financed in Part by Dividend Reduction  (TSX: LNV)  CALGARY, Dec. 12, 2013 /CNW/ - Longview Oil Corp. ("Longview" or the  "Company") is pleased to announce that the Board of Directors has approved the  Company's capital expenditure budget and guidance for the year ending December  31, 2014 which includes a 44% increase in the capital expenditure program to  $56 million. We anticipate this program will lead to a 20% increase in cash  flow per share in 2014 as crude oil production volumes are expected to grow by  12% resulting in a 16% increase in operating netbacks.  Budget Highlights        --  Capital expenditures are budgeted to increase by 44% from 2013         spending levels to $56 million.     --  We anticipate that capital spending will be focused on the         ongoing development of our light oil reserves including the         drilling of 29 gross (22.3 net) wells.     --  Oil production is expected to increase by 12% in 2014 as a         result of the drilling program.     --  Funds from operations are anticipated to increase by 20% in         2014 to $1.64 per share due to the increase in oil production.     --  Our debt to cash flow ratio is expected to decline by 11% in         2014 to 1.7x, thereby preserving our strong balance sheet.     --  Longview's payout ratio for 2014 is anticipated to be 102% as         compared to 105% in 2013.  Dividend Payment  In order to fund the expansion of our capital development program, Longview  announces that it will be paring back its monthly dividend to four cents per  share effective with the dividend to be paid on January 15, 2014 to  shareholders of record on December 31, 2013. The ex-dividend date for the  dividend is December 27, 2013. The dividend is considered an "eligible  dividend" for Canadian tax purposes.  Longview's new monthly dividend payout of four cents per share represents an  annualized yield of 9.5% based on the December 12, 2013 closing price of $5.06  per share.  Operational and Financial Guidance - Summary  The following table summarizes operational and financial guidance for Longview  for the year ending December 31, 2014 as compared to our published guidance  for 2013:                                                                  Key                              2014                2013         Variances  Production:                                                              Crude oil                                                     (bbls/d)                  4,750               4,250            +12%    NGLs                                                          (bbls/d)                    465                 525                    Natural gas                                                   (mcf/d)                   6,800               7,400                    Boe/d ((1))               6,350               6,000                                                                                        Funds from operations(                                                   (2))                    $77 million         $64 million          +20%    Per share (                                                   (3))                      $1.64               $1.39            +20%  Capital                                                       expenditures            $56 million         $39 million          +44%  Payout Ratio                                                  ((3))                        102%                105%                  Debt to cash flow ratio  (                                                 (3))                         1.7x                2.0x            -11%  Royalty rate                  17%               17.5%                  Operating                                                     expenses                $20.00/boe          $21.00/boe                 (1)    Boe, funds from operations, payout ratio and debt to cash flow        ratio do not have        a standardized meaning under GAAP. Refer to "Non-GAAP Measures,        Definitions        and Abbreviations" in this press release.    (2)    Commodity price assumptions: WTI - 2014  US $93.00/bbl, 2013 US        $97.75/bbl;        Edmonton light oil - 2014 $92.50/bbl, 2013 $93.00/bbl; Cdn/US        exchange rate -        2014 $0.93, 2013 $0.97 and AECO C gas price - 2014 $3.68/mcf,,        2013 $3.05/mcf.  (3)    Based on our weighted average shares outstanding.        Capital Development Strategy  Our asset base consists of operated oil-weighted resource plays where  management of Longview has identified an extensive inventory of low risk  development drilling and waterflood enhancement projects that offer the  potential to significantly increase both production and reserve recoveries  across our land holdings.  Management of Longview believes that in order to more fully realize the value  inherent in our asset base, the pace of our capital development program needs  to be accelerated. Consistent with this strategy, we have developed a 2014  budget that increases the capital program by 44% and directs a greater portion  of our funds from operations towards organic growth projects while maintaining  a sustainable payout ratio.  The 2014 drilling program will focus on the ongoing development of light oil  reserves at 11 project areas in both Saskatchewan and Alberta which includes  the drilling of 29 gross (22.3) net wells. The majority of the wells in our  2014 drilling program are expected to qualify for reduced royalty rates and  will be directed towards areas where we have existing infrastructure in place  resulting in lower operating costs and comparatively high rates of return. In  addition, approximately 14% of our total capital budget will be allocated to  waterflood enhancement and facility improvements at seven project areas  designed to increase reservoir pressures and establish additional drilling  locations.  Longview anticipates that this strategy will lead to a 12% increase in crude  oil production in 2014. This is supported by our expected base decline rate of  19%, which is among the lowest in the industry. This boost in crude oil  production is anticipated to improve our corporate netbacks by reducing  royalty rates and per boe operating costs resulting in a 20% increase in cash  flow per share. Production of lower value natural gas and NGL's are expected  to decline by 9% in 2014 as normal production declines are forecast to more  than offset modest production additions.  2014 Capital Program     --  Our 2014 capital program will be focused on low-risk crude oil         drilling and waterflood expansion activities in areas with         comparatively high netbacks where Longview operates existing         infrastructure.  Drilling operations will focus on areas where         recent activity has demonstrated strong economics while         limiting facility and other infrastructure expenditures.         SE Saskatchewan     --  Longview's 2014 capital drilling program in SE Saskatchewan         will continue to focus on further development of our Midale and         Frobisher plays where we have an extensive undeveloped land         base of 106 gross (87 net) sections, high working interests,         and existing infrastructure.     --  Approximately 47% of our 2014 drilling budget is allocated to         SE Saskatchewan targeting five different project areas,         including 18 gross (13.2 net) wells.  These wells are         considered by Management to be lower risk locations primarily         targeting the Midale formation that are offset by nearby         production where successful results will lead to additional         drilling in future years.         Alberta     --  Approximately 50% of our 2014 drilling program will be         allocated to five different project areas within Alberta. A         total of six gross (5.7 net) wells are planned to be drilled         targeting light oil development in the Cardium, Wabumun,         Montney and Belly River formations. In addition, one gross (one         net) well is planned to be drilled targeting the liquids rich         Glauconite Hoadly trend at Willesden Green where Longview has         100% interest in an existing shallow cut gas processing         facility that currently has excess capacity. All of these wells         are considered by management to be lower risk locations which         are offset by nearby production.         Waterflood Projects and Lloydminster area     --  Our existing waterflood projects have demonstrated positive         results due to capital expenditures incurred in the last         several years which were undertaken to enhance water injection         rates and flood patterns.     --  Funds will be allocated in 2014 to further enhance existing         waterflood projects at Nevis, Sunset and Pembina in Alberta and         Weyburn in Saskatchewan.  These enhancements are expected to         help establish future drilling opportunities as voidage         replacement ratios and reservoir pressures are increased to         acceptable levels in each property.     --  In addition, horizontal wells are planned for each of Nevis and         Sunset in areas of these pools where pressure has been         increased to levels sufficient to warrant additional infill         drilling.     --  Approximately 3% of our 2014 drilling program is anticipated to         be directed to the drilling of four gross (2.4 net) wells         targeting the Waseca formation at Lashburn, Saskatchewan where         our infrastructure was upgraded in 2013 in order to handle         additional production volumes.  2014 Capital Budget - Drilling Summary  The following table summarizes our 2014 capital budget by area and target  formation:                                             Well           # of Wells  Area                 Target Formation       Type       Gross       Net  S.E. SK              Midale                  Hz          16        11.2  S.E. SK              Frobisher               Hz           2        2.0  Lashburn,            Waseca                  Vt           4        2.4 SK  Sunset, AB           Montney                 Hz           1        0.7  Pembina,             Cardium                 Hz           3        3.0 AB  Nevis, AB            Wabamun                 Hz           1        1.0  Other, AB            Belly                   Hz           2        2.0                      River/Glauconite  Total                                                    29        22.3     --  Given the current volatility in crude oil pricing conditions,         we will continue to closely monitor our funds from operations         as compared to our dividend policy and capital expenditure         commitments to ensure they are substantially balanced.  Operating Netbacks     --  The following table compares the anticipated operating netbacks         for the year ending December 31, 2014 to the estimate for 2013:  ($/boe)                   2014          2013                 Comment  Revenues                $71.89        $68.96        Higher percent of                                                     production derived                                                     from light oil                                                     production                                                     more than offsets                                                     slight decrease in                                                     anticipated oil                                                     price                       (1.45)        (2.99)        Same volume of oil Hedging loss                                        hedged in 2014 at a                                                        higher price  Royalties               (12.22)       (12.14)       Lower royalty rate                                                     as new production     Royalty rate          17.0%         17.6%        qualifies for                                                     royalty holiday                         (20.02)       (21.01)       Increase in oil                                                   production Operating costs                                     anticipating                                                        utilizing existing                                                     facilities                       $38.20        $32.82        Anticipated Operating netback                                   increase of 16% or                                                        $5.38/boe  Hedging Update     --  Longview has the following commodity price hedging positions         for 2014:         2000 bbls/d, January 1 to December 31, 2014 @ $94.85/bbl.     --  Longview hedges production in order to stabilize cash flow and         enhance our ability to fund dividend payments and incur capital         expenditures during periods of commodity price volatility.  Technical Services Agreement Update  Management anticipates that the Technical Services Agreement ("TSA") between  Longview and Advantage Oil & Gas Ltd. ("Advantage") will be terminated by  March 31, 2014. The process of terminating the TSA has commenced which  included the physical separation of Longview and Advantage employees into  separate offices in early December 2013. We anticipate a smooth transition to  a full separation early in 2014.  Forward-Looking Statements  Certain information regarding Longview set forth in this press release,  including management's assessment of the Company's future plans and  operations, contains forward-looking statements that involve substantial known  and unknown risks and uncertainties. The use of any of the words  "anticipate", "continue", "estimate", "expect", "may", "will", " lead to",  "project", "should", "believe" and similar expressions are intended to  identify forward looking statements. Such statements represent Longview's  internal projections, estimates or beliefs concerning, among other things, an  outlook on the estimated amounts and timing of capital expenditures or other  expectations, beliefs, plans, objectives, assumptions, intentions or  statements about future events or performance. These statements are only  predictions and actual events or results may differ materially. Although  Longview believes that the expectations reflected in the forward-looking  statements are reasonable, it cannot guarantee future results, levels of  activity, performance or achievement since such expectations are inherently  subject to significant business, economic, competitive, political and social  uncertainties and contingencies. Many factors could cause Longview's actual  results to differ materially from those expressed or implied in any  forward-looking statements made by, or on behalf of, Longview.  In particular, forward-looking statements included in this press release  include, but are not limited to, 2014 guidance; statements with respect to  targeted average production; expected operating expenses for the year ended  December 31, 2014; future royalty rates; projected capital expenditures for  the year ended December 31, 2014; focus of capital budget; the focus of and  timing of capital expenditures; drilling plans; timing of drilling of rigs;  and crude oil and natural gas production levels. The payment and the amount of  dividends declared in any month will be subject to the discretion of the board  of directors and may vary depending on a variety of factors, including  fluctuations in commodity prices, production levels, capital expenditure  requirements, debt service requirements, operating costs, royalty burdens and  foreign exchange rates. In addition, statements relating to "reserves" or  "resources" are deemed to be forward looking statements, as they involve the  implied assessment, based on certain estimates and assumptions, that the  resources and reserves described can be profitably produced in the future.  These forward-looking statements are subject to numerous risks and  uncertainties, certain of which are beyond the Corporation's control,  including the impact of general economic conditions; volatility in market  prices for crude oil and natural gas; industry conditions; volatility of  commodity prices; currency fluctuation; imprecision of reserve estimates;  liabilities inherent in crude oil and natural gas operations; environmental  risks; incorrect assessments of the value of acquisitions and exploration and  development programs; competition from other producers; the lack of  availability of qualified personnel or management; changes in income tax laws  or changes in tax laws and incentive programs relating to the oil and gas  industry; hazards such as fire, explosion, blowouts, cratering, and spills,  each of which could result in substantial damage to wells, production  facilities, other property and the environment or in personal injury; stock  market volatility; ability to access sufficient capital from internal and  external sources and the other risks considered under "Risk Factors" in  Longview's Annual Information Form dated March 26, 2013, which is available on  www.sedar.com.  With respect to forward-looking statements contained in this press release,  Longview has made assumptions regarding: current commodity prices and royalty  regimes; availability of skilled labour; timing and amount of capital  expenditures; future exchange rates; the price of oil and natural gas; the  impact of increasing competition; conditions in general economic and financial  markets; availability of drilling and related equipment; effects of regulation  by governmental agencies; royalty rates and future operating costs.  Management has included the above summary of assumptions and risks related to  forward-looking information provided in this press release in order to provide  shareholders with a more complete perspective on Longview's future operations  and such information may not be appropriate for other purposes. Longview's  actual results, performance or achievement could differ materially from those  expressed in, or implied by, these forward-looking statements and,  accordingly, no assurance can be given that any of the events anticipated by  the forward-looking statements will transpire or occur, or if any of them do  so, what benefits that the Company will derive there from. Readers are  cautioned that the foregoing lists of factors are not exhaustive. These  forward-looking statements are made as of the date of this press release and  the Company disclaims any intent or obligation to update publicly any  forward-looking statements, whether as a result of new information, future  events or results or otherwise, other than as required by applicable  securities laws.  The payment and the amount of dividends declared in any month will be subject  to the discretion of the board of directors and will depend on the board of  directors' assessment of the Corporation's outlook for growth, capital  expenditure requirements, funds from operations, potential acquisition  opportunities, debt position and other conditions that the board of directors  may consider relevant at such future time, including applicable restrictions  that may be imposed under the Corporations' Credit Facilities and on the  ability of the Corporation to pay dividends. The amount of future cash  dividends, if any, may also vary depending on a variety of factors, including  fluctuations in commodity prices, production levels, capital expenditure  requirements, debt service requirements, operating costs, royalty burdens and  foreign exchange rates.  All dollar amounts in this press release are Canadian dollars unless otherwise  indicated.  Non-GAAP Measures, Definitions and Abbreviations  The Corporation discloses several financial measures in this press release  that do not have any standardized meaning prescribed by International  Financial Reporting Standards ("IFRS" or "GAAP"), such as funds from  operations and payout ratio. Management believes that these financial measures  are useful supplemental information to analyze operating performance and  provide an indication of the results generated by the Corporation's principal  business activities. Longview's method of calculating these measures may  differ from other companies, and accordingly, they may not be comparable to  similar measures used by other companies. Please see the Corporation's most  recent management's discussion and analysis, which is available on  www.sedar.com for additional information about these financial measures.  "Boe" may be misleading, particularly if used in isolation. A boe conversion  ratio of six thousand cubic feet of natural gas to one barrel of oil  equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method  primarily applicable at the burner tip and does not represent a value  equivalency at the wellhead. Given that the value ratio based on the current  price of crude oil as compared to natural gas is significantly different from  the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be  misleading as an indication of value.  "Funds from operations" represents cash provided by operating activities,  adjusted for expenditures on decommissioning liability, changes in non-cash  working capital and interest on bank indebtedness.  "Debt to cash flow ratio" is calculated as bank indebtedness plus working  capital deficit divided by funds from operations.  "Operating netback" is calculated as revenue less hedging losses, royalties  and operating costs.  "Payout ratio" is calculated as cash dividends declared and capital  expenditures divided by funds from operations.  "Working capital deficit" includes trade and other receivables, prepaid  expenses and deposits, trade and other accrued liabilities and due to parent.  The following abbreviations used in this press release have the meanings set  forth below:  bbls         barrels                    mcf         thousand cubic feet  bbls/d       barrels per day            mcf/d       thousand cubic feet                                                     per day  boe          barrels of oil                                        equivalent, on the              basis of 1 bbl of              oil for              6 mcf of natural gas  boe/d        barrels of oil                                        equivalent per day                                                              SOURCE  Longview Oil Corp.  Investor Relations Toll free: 1-855-813-0313  Longview Oil Corp. 700, 400 -3rd Avenue SW Calgary, Alberta T2P 4H2 Phone:  (403) 718-8000 Fax: (403) 718-8300 Web Site:www.longviewoil.com  E-mail:ir@longviewoil.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/December2013/12/c4339.html  CO: Longview Oil Corp. ST: Alberta NI: OIL  
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