(TSX Symbol - PEF; NYSE Alternext Symbol - PED)
CALGARY, Feb. 17 /CNW/ - Petroflow is pleased to provide an update
regarding the January 2009 operational results, including the current status
of its Oklahoma drilling activities.
Corporate Production Update
Our peak production rate for the month of January 2009 was 3,578 BOEs
(21,467 mcfGE) per day, which reflects a 38 BOEs per day increase over the
peak rate for December 2008.
We averaged approximately 3,419 BOEs (20,516 mcfGE) per day of production
during January 2009, of which approximately 14% was oil and 86% was natural
gas and associated liquids.
Oklahoma Drilling Activity
The Hunton Resource Play in Oklahoma continues to be successful in
providing Petroflow with increased production rates. Petroflow's average
production in January 2009 exceeded its average production in December 2008 by
more than 175 BOE's per day; the production increase reflects steady progress
in this play.
"The Bubble Point Technology that we employ in the Hunton Resource Play
is reliable, and we are pleased to continue our production growth on a
consistent basis", stated Mr. Sandy Andrew, COO of the Company.
Mr. Andrew added, "Our goal is to expand our presence in the Hunton and
maximize the depth of knowledge that we have acquired. The recent announcement
of our proposed acquisition of additional Hunton production and drilling
opportunities reflects our knowledge and commitment".
Following is a table outlining the status of our drilling activities in
the Hunton resource play.
Total wells on production as at January 1, 2009 57
Wells brought on production to January 31, 2009 2
Wells currently drilling 2
Wells in completion phase 3
Salt water disposal wells drilled 4
Wells suspended 2
Wells awaiting hookup -
Other Production Areas
Our Texas and Alberta properties continue to produce at a steady rate and
provide consistent cash flow for operations.
This news release contains statements about oil and gas production and
operating activities that may constitute "forward-looking statements" or
"forward-looking information" within the meaning of applicable securities
legislation as they involve the implied assessment that the resources
described can be profitably produced in the future, based on certain estimates
Forward-looking statements are based on current expectations, estimates
and projections that involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
anticipated by Petroflow and described in the forward-looking statements.
These risks, uncertainties and other factors include, but are not limited to,
adverse general economic conditions, operating hazards, drilling risks,
inherent uncertainties in interpreting and applying engineering data, geologic
data, and accumulated operating and production knowledge, technology change
and failure, competition, reduced availability of drilling and other well
services, fluctuations in oil and gas prices and prices for drilling and other
well services, government regulation and foreign political risks, fluctuations
in the exchange rate between Canadian and US dollars and other currencies, as
well as other risks commonly associated with the exploration and development
of oil and gas properties. Additional information on these and other factors,
which could affect Petroflow's operations or financial results, are included
in Petroflow's reports on file with Canadian and United States securities
regulatory authorities. We assume no obligation to update forward-looking
statements should circumstances or management's estimates or opinions change
unless otherwise required under securities law.
BOEs derived by converting gas to oil in the ratio of six thousand cubic
feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 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.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release.
For further information:
For further information: Mr. John Melton, President & CEO, Petroflow
Energy Ltd., (985) 796-8080, www.petroflowenergy.com; Mr. Duncan Moodie, CFO,
Petroflow Energy Ltd., (403) 539-4320, www.petroflowenergy.com