Spartan Energy Corp. Provides Drilling and Operational Update
2014年4月16日 - 9:00PM
Marketwired
Spartan Energy Corp. Provides Drilling and Operational Update
CALGARY, ALBERTA--(Marketwired - Apr 16, 2014) - Spartan Energy
Corp. ("Spartan" or the "Company") (TSX-VENTURE:SPE) is pleased to
provide a first quarter operational and drilling update. References
to Spartan's operations in this press release include first quarter
operations of Renegade Petroleum Ltd., which was acquired by
Spartan on March 31, 2014.
OPERATIONS UPDATE
Spartan was active in the field during the first quarter of
2014, drilling a total of 19 (17.5 net) wells. Of these, 3 (2.7
net) vertical wells were drilled in central Alberta targeting
Detrital oil, 10 (9.5 net) horizontal wells were drilled in West
Central Saskatchewan for Viking oil and 6 (5.3 net) horizontal
wells were drilled in southeast Saskatchewan targeting
Mississippian oil prospects.
Central Alberta - Detrital Oil
During the first quarter, the Company drilled and completed 3
(2.7 net) Detrital vertical wells with a 100% success rate.
Spartan's 2014 capital program and production forecast assumes
first month average production (IP30) rates per well of 70 bbl/d
for our Detrital drilling program. Based on initial test rates, we
expect the results from these three wells to meet or exceed our
expectations. Two of the three wells are currently on
production.
West Central Saskatchewan - Viking Light Oil
In the first quarter, the Company drilled 10 (9.5 net) Viking
horizontal wells with a 100% success rate. Nine of the ten wells
have now been completed and are in various stages of post-fracture
stimulation, clean-up and being brought on production. The tenth
well will be completed after break up. Results from the Company's
Viking program are consistent with management's expectations in
respect of both production rates and all-in costs.
Southeast Saskatchewan - Mississippian Light Oil
In the first quarter, the Company drilled 6 (5.3 net) horizontal
wells targeting Mississppian light oil in our southeast
Saskatchewan core area. Included within this number are 4 (3.3 net)
wells that were drilled in our Queensdale property targeting the
Frobisher/Alida formation. All of the Queensdale wells have now
achieved a production history in excess of 30 days, with an average
IP30 rate of 189 bbl/d.
In total, the Company has now drilled 10 (7.8 net) wells in the
Queensdale area. Average IP30 rates across the 10 wells has been
195 bbl/d. Based on these results, our average well in Queensdale
achieves payout in under 5 months. The average cost to drill,
complete and equip our Frobisher/Alida wells in southeast is
budgeted at $1.1 million per well.
Current Production
Spartan's current production is approximately 6,600 boe/d (93%
light oil), based on field production estimates.
Budget Update
The focus of Spartan's remaining 2014 capital program will be on
the Company's Mississippian assets in southeast Saskatchewan and,
to a lesser extent, on the Company's Viking prospects in the
Dodsland area of west central Saskatchewan. Spartan has plans to
drill an additional 35 (30.9 net) horizontal wells targeting the
Frobisher/Alida formation during 2014. Spartan will also drill 9
(100% WI) wells targeting the Midale formation. For budgeting
purposes, Spartan is using a first month average production rate
(IP30) of 60 bbl/d for the Frobisher and an IP30 rate of 96 bbl/d
for the Midale. In the Viking, the Company expects to drill 11
(10.5 net) horizontal wells.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
READER ADVISORY
BOE Disclosure. The term barrels of oil equivalent ("BOE") may
be misleading, particularly if used in isolation. A BOE conversion
ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural
gas to barrels of oil equivalence is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. All BOE
conversions in the report are derived from converting gas to oil in
the ratio mix of six thousand cubic feet of gas to one barrel of
oil.
Forward Looking Statements. Certain information provided in this
press release constitutes forward-looking statements. Specifically,
this press release contains forward-looking statements relating to
future production rates, proposed exploration and development
activities (including the number of wells to be drilled), our
drilling prospect inventory and projected capital expenditures. The
forward-looking statements are based on certain key expectations
and assumptions, including expectations and assumptions concerning
the success of future drilling, completion, recompletion and
development activities, the performance of new and existing wells,
prevailing commodity prices and economic conditions, the
availability and cost of labour and services, timing of pipeline
and facilities construction, access to third party facilities and
weather and access to drilling locations. Although we believe that
the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because we can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, reliance on industry
partners, availability of equipment and personnel, uncertainty
surrounding timing for drilling and completion activities resulting
from weather and other factors, changes in applicable regulatory
regimes and health, safety and environmental risks), commodity
price and exchange rate fluctuations and general economic
conditions. Certain of these risks are set out in more detail in
our Annual Information Form which has been filed on SEDAR and can
be accessed at www.sedar.com. Except as may be required by
applicable securities laws, Spartan assumes no obligation to
publicly update or revise any forward-looking statements made
herein or otherwise, whether as a result of new information, future
events or otherwise.
Spartan Energy Corp.Richard (Rick) McHardyPresident and Chief
Executive Officer(403) 355-8920403.355.2779Spartan Energy
Corp.Michelle WigginsVice-President Finance and Chief Financial
Officer(403) 355-8920403.355.2779info@spartanenergy.ca
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