Point Loma Resources Announces test rates of successful Nordegg recompletion and operational update
18 Septembre 2017 - 2:00PM
Point Loma Resources Ltd. (TSX VENTURE:PLX) (the
"
Corporation" or “
Point Loma”) is
pleased to announce the test rates of the 5-31-55-6W5 well and
provide an operational update.
Highlights and Operational
update
- Point Loma has recompleted its 5-31-55-6W5 Nordegg well higher
in the section and after establishing flow the final 24 hour rates
averaged 160 bpd oil, 850 mcfd gas and 428 bpd water;
- This test demonstrates the potential of the Nordegg for
continued horizontal development;
- Point Loma has drilled and cased 9-18-49-1W5 as a Sparky oil
well.
- Point Loma will drill a second well in the program at
02/1-32-55-7W5 as an Ostracod oil infill well.
The 5-31 well is currently shut in to observe
pressure build up prior to placing it back on production which is
anticipated later in September. Following the drilling of the two
horizontal wells Point Loma will complete and flow test the wells
and should place the wells on production prior to the beginning of
November this year. In addition, the Company plans to begin
production of the acquired well in 12-4-56-7W5 which is also part
of the Ostracod A pool at Paddle River.
Point Loma will also continue to work with the
midstream owner of the Paddle River facility to re-activate
additional production in the area which should occur in step
fashion through the fall of 2017.
“Point Loma is pleased to initiate operations in
our core areas that should not only increase our producing volumes
but will improve our oil and liquids producing volumes and add to
our revenues and netbacks.” said Terry Meek, President and CEO of
Point Loma. “These steps should lead to additional drilling
opportunities within our key producing areas.”
About Point Loma
Point Loma is a public oil and gas development
and exploration company focused on horizontally exploiting
conventional oil and gas reservoirs in west central Alberta. Point
Loma’s business plan is to utilize its experience to drill, develop
and acquire accretive assets with potential for horizontal
multi-stage frac technology and exploit opportunities for secondary
recovery. For more information and our current presentation please
visit Point Loma’s website at www.pointloma.ca or Point Loma’s
profile on the System for Electronic Document Analysis and
Retrieval website at www.sedar.com.
For further information, please
contact:
Terry Meek President and CEO Telephone: (403) 705-5051 ext. 101
tmeek@pointloma.ca
Kevin Angus Executive Vice President, Business Development
Telephone: (403) 705-5051 ext. 103 kangus@pointloma.ca
Randall Boyd Vice President Finance and CFO Telephone: (403)
705-5051 ext. 105 rboyd@pointloma.ca
A Note Regarding Forward-Looking
Information
This press release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws, including without limitation,
statements pertaining to Point Loma’s expectations as to production
and future potential production increases, as well as increases in
cash flow and the timing thereof; future gas processing rates;
Point Loma’s expectations as to future prices of oil and natural
gas; the focus of Point Loma’s management team and go-forward
strategy.
The use of any of the words “will”, “expects”,
“believe”, “plans”, “potential” and similar expressions are
intended to identify forward-looking statements or information.
Although Point Loma believes that the expectations and assumptions
on which such forward-looking statements and information are based
are reasonable, undue reliance should not be placed on the
forward-looking statements and information because Point Loma
cannot give assurance that they will prove to be correct.
Since forward-looking statements and information
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, the
risks associated with the oil and gas industry in general such as
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 and resource estimates; the inability of Point Loma to
bring additional production on stream or in the anticipated
quantities disclosed herein; the uncertainty of estimates and
projections relating to reserves, resources, production, costs and
expenses; health, safety and environmental risks; commodity price
and exchange rate fluctuations; marketing and transportation; loss
of markets; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to realize the anticipated
benefits of acquisitions; ability to access sufficient capital from
internal and external sources; changes in legislation, including
but not limited to tax laws, royalties and environmental
regulations, actual production from the acquired assets may be
greater or less than estimates. Management has included the above
summary of assumptions and risks related to forward-looking
information provided in this press release in order to provide
security holders with a more complete perspective on Point Loma’s
future operations and such information may not be appropriate for
other purposes.
The forward-looking statements and information
contained in this press release are made as of the date hereof and
Point Loma does not undertake any obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
Oil and Gas Information
“BOEs” 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. As the value ratio between natural gas and crude oil
based on the current prices of natural gas and crude oil 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.
References in this press release to production
test rates, initial test production rates, and other short-term
production rates are useful in confirming the presence of
hydrocarbons, however such rates are not determinative of the rates
at which such wells will commence production and decline thereafter
and are not indicative of long term performance or of ultimate
recovery. Additionally, such rates may also include recovered "load
oil" fluids used in well completion stimulation. While encouraging,
readers are cautioned not to place reliance on such rates in
calculating the aggregate production for Point Loma. A pressure
transient analysis or well-test interpretation has not been carried
out in respect of all wells. Accordingly, the Corporation cautions
that the test results should be considered to be preliminary.
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