Tamarack Valley Energy Releases Buck Lake Drilling Results-Produces 627 boe/d
15 Novembre 2011 - 12:11AM
Marketwired
Tamarack Valley Energy Ltd. ("Tamarack" or the "Company")(TSX
VENTURE:TVE) is pleased to announce the following Buck Lake well
results.
Tamarack's third well in the Buck Lake area located at 4-34-46-6
W5M (75% WI), was spudded on September 20, 2011 and fracture
stimulated on October 18, 2011. After recovering all 7,865 barrels
of its load oil over an 8 day period, the well was shut in and well
site facilities were constructed and tied into the Keyera
Minnehik-Buck Lake gas plant. The well was placed on production and
is flowing at a rate of 627 boe/d consisting of 447 bbls/d (335
net) of oil and natural gas liquids plus 1.08 mmcf/d of gas (810
net) over a 7 day test period. Tamarack will remove the frac string
currently in the wellbore and install production tubing. This
operation is expected to stabilize flow rates.
Tamarack's 75 percent working interest Buck Lake well, located
at 3-35-46-6 W5M, was completed in mid-August 2011 with an 18-stage
oil fracture stimulation. This well recovered all 7,787 bbls of
load oil over an 11 day period and was subsequently tied-in to the
Keyera Minnehik-Buck Lake gas plant in late September. The well
averaged 1,239 boe/d, consisting of 450 bbls/d (338 net) of oil and
natural gas liquids and 4.75 mmcf/d (3.6 net) of natural gas over a
14 day test. Tamarack is pleased to report that over 30 producing
days following load recovery the well averaged 898 boe/d,
consisting of 326 bbls/d (245 net) of oil and natural gas liquids
and 3.43 mmcf/d (2.55 net) of natural gas.
Tamarack is pleased with the results and the high quality sands
encountered in this area continues to exceed expectations. Tamarack
has identified 17.25 net drilling locations in Buck Lake and is
planning to license two Cardium horizontal wells which are expected
to spud sometime in the first quarter of 2012, subject to rig
availability.
Q4 Production Forecast
In conjunction with the drilling success experienced at Lochend,
Garrington and the two recently drilled Buck Lake wells, Tamarack
has increased its fourth quarter production guidance to average
between 1,500 and 1,600 boe/d. The Company is anticipating oil and
natural gas liquids production weighting to be between 36 and 42
percent of total production in the fourth quarter. Natural gas
liquid recoveries in the Buck Lake area are expected to improve
with the reactivation of a deep cut extraction component at the
third party facility that Tamarack's wells are tied into. This
improvement is expected to enhance netbacks early in the first
quarter of 2012. Until then, propane extraction will remain at a
recovery factor of approximately 35% but is expected to increase to
over 90% when the third party deep cut reactivation is
complete.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas company involved in the
identification, evaluation and operation of resource plays in the
western Canadian sedimentary basin. The Company uses a rigorous,
proven modeling process to carefully manage risk and identify
growth opportunities and has assets at Lochend,
Garrington/Harmattan, Buck Lake and Quaich areas in Alberta,
southeast of Lloydminster in Saskatchewan and at Wilder in
northeast British Columbia.
Unit Cost Calculation
For the purpose of calculating unit costs, natural gas volumes
have been converted to a barrel of oil equivalent ("boe") using six
thousand cubic feet equal to one barrel unless otherwise stated. A
boe conversion ratio of 6:1 is based upon an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. This conversion
conforms with Canadian Securities Regulators National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities ("NI
51-101"). Boe's may be misleading, particularly if used in
isolation.
Forward Looking Information
This press release contains certain forward-looking statements
within the meaning of applicable securities laws, including
statements relating to expected drilling plans and operational
activities and results. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "should",
"believe", "intends", forecast", "plans", "guidance" and similar
expressions are intended to identify forward-looking statements or
information. The intended drilling plans, infrastructure additions,
operational activities and results, including product mix, are
based on assumptions relating to the timing of past operations and
activities in the planned areas of drilling as well as information
from consultants on regulatory processes, drilling and fracturing
techniques.
The statement regarding the impact of the two new Buck Lake
wells are forward looking statements based on the assumption that
current results continue and that infrastructure additions provide
the benefits expected and commodity prices do not decline
significantly.
Although management considers these assumptions to be reasonable
based on information currently available to it, undue reliance
should not be placed on the forward-looking statements because
Tamarack can give no assurances that they may prove to be
correct.
By their very nature, forward-looking statements involve
inherent risks and uncertainties (both general and specific) and
risks that forward-looking statements will not be achieved. These
risks and uncertainties include, but are not limited to: risks
associated with the oil and gas industry (e.g. operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; commodity prices, the uncertainty of estimates and
projections relating to production, cash generation, costs and
expenses; health, safety, litigation and environmental risks and
access to capital. Due to the nature of the oil and natural gas
industry, drilling plans and operational activities may be delayed
or modified to react to market conditions, results of past
operations, regulatory approvals or availability of services
causing results to be delayed.
The forward-looking statements contained in this news release
are made as of the date hereof and the Company does not undertake
any obligation to update publicly or to revise any of the included
forward- looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
Neither 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 release. The TSX has neither approved nor
disapproved the contents of this press release.
Contacts: Brian Schmidt President & CEO Tamarack Valley
Energy Ltd. 403.263.4440www.tamarackvalley.ca Ron Hozjan VP Finance
& CFO Tamarack Valley Energy Ltd. 403.263.4440
(TSXV:TVE)
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