rok update
Posted: Wed Sep 20, 2023 7:52 am
https://www.accesswire.com/viewarticle.aspx?id=785702
Phase One Drilling Program Complete: Successfully drilled 5 gross (4.9 net) operated wells in Southeast Saskatchewan, targeting Mississippian light oil with 100% success rate.
Production of 3,900 boepd: Current estimated field production of 3,900 boepd (65% Oil and NGLs), which represents an increase of 18% compared to Q2 2023 average of 3,297 boepd. This does not include 200 boepd (80% natural gas) at Kaybob Alberta, which is currently down on gas plant turnaround and expected to be on-stream in early October. Nor does this figure include 2 wells, as described below, that are awaiting tie-in. The Company continues to target a 2023 exit production rate of 4,500 boepd.
Two Wells Awaiting Complete and Tie-In: Of the 5 gross wells drilled,only 3 gross wells are currently on-stream, with the remaining 2 gross wells expected to be on production within the next couple of weeks.
Type Curve Economics: On average, the 3 new gross wells are on trend to exceed IP30 type curves by approximately 30%.
Capital Expenditures: Estimated capital expenditures of $13 million, which puts the Company in-line with 2023 budget guidance of $30 million.
Net Debt: The Company remains in-line with estimated 2023 exit net debt of $16 - $17 million, before inclusion of any mark-to market fair value of any existing Company hedge positions.
New production volumes from the phase one drilling program remain unhedged and will receive market commodity pricing through the balance of 2023.
Dan, note!!!
The Company announces that it has entered into a securities marketing agreement with Phil Heinrich for a three-month term. The Company will pay Mr. Heinrich a total of $5,000 per month during the term of the agreement.
Mr. Heinrich will provide securities marketing services with the objective of increasing the Company's reach within the investment community. There are no performance factors contained within the agreement. Mr. Heinrich and the Company are unrelated and unaffiliated. However, Mr. Heinrich and/or his clients may have an interest, directly or indirectly, in the securities of the Company.
Phase One Drilling Program Complete: Successfully drilled 5 gross (4.9 net) operated wells in Southeast Saskatchewan, targeting Mississippian light oil with 100% success rate.
Production of 3,900 boepd: Current estimated field production of 3,900 boepd (65% Oil and NGLs), which represents an increase of 18% compared to Q2 2023 average of 3,297 boepd. This does not include 200 boepd (80% natural gas) at Kaybob Alberta, which is currently down on gas plant turnaround and expected to be on-stream in early October. Nor does this figure include 2 wells, as described below, that are awaiting tie-in. The Company continues to target a 2023 exit production rate of 4,500 boepd.
Two Wells Awaiting Complete and Tie-In: Of the 5 gross wells drilled,only 3 gross wells are currently on-stream, with the remaining 2 gross wells expected to be on production within the next couple of weeks.
Type Curve Economics: On average, the 3 new gross wells are on trend to exceed IP30 type curves by approximately 30%.
Capital Expenditures: Estimated capital expenditures of $13 million, which puts the Company in-line with 2023 budget guidance of $30 million.
Net Debt: The Company remains in-line with estimated 2023 exit net debt of $16 - $17 million, before inclusion of any mark-to market fair value of any existing Company hedge positions.
New production volumes from the phase one drilling program remain unhedged and will receive market commodity pricing through the balance of 2023.
Dan, note!!!
The Company announces that it has entered into a securities marketing agreement with Phil Heinrich for a three-month term. The Company will pay Mr. Heinrich a total of $5,000 per month during the term of the agreement.
Mr. Heinrich will provide securities marketing services with the objective of increasing the Company's reach within the investment community. There are no performance factors contained within the agreement. Mr. Heinrich and the Company are unrelated and unaffiliated. However, Mr. Heinrich and/or his clients may have an interest, directly or indirectly, in the securities of the Company.