VANCOUVER, Nov. 16, 2017 /CNW/ - Pinedale Energy Limited ("Pinedale" or the "Company") (TSXV: MCF), is pleased to provide an update on 2017 development and exploration activities occurring at the Company's non-operated working interest properties situated in the Pinedale gas field area, southwest Wyoming.
Pinedale Horizontal Program Update
Pinedale Energy owns a 7.939458% non-operated working interest in a two-mile horizontal well that was drilled on the east flank of the Pinedale anticline and on November 8, 2017 provided an update that the well was flowing back at a rate of 21 million cubic feet of natural gas equivalent per day ("MMcfe/d") with flow rates still increasing.
The Warbonnet 9-23-A-1H well continues to flow-back on test with flow rates increasing and as of November 14 had achieved a 24-hour test rate of 42 MMcfe/d. Flow-back parameters include a gas rate of 38 MMcf per day, a condensate rate of 700 barrels per day, or 18 barrels per MMcf, and a flowing casing pressure of 3,000 psi. A controlled choke flow rate on November 15 was 46 MMcfe/d with only 17% of the frac fluid recovered and flowing pressures above normal. The operator expects to flow-back the horizontal well for several more weeks.
About Pinedale Energy Limited
Pinedale Energy Limited is an independent oil and gas exploration and production company focused exclusively on its natural gas properties situated in the prolific Pinedale field area, within the Green River Basin of southwestern Wyoming. Pinedale, through its subsidiaries, owns non-operated interests in 17 oil and gas leases with an undivided working interest ranging from 11.56% to 21.25% in approximately 11,995 acres. At year-end 2016, the Company had gross proved reserves of approximately 95.5 billion cubic feet of gas and 842 thousand barrels of oil (101.5 billion cubic feet equivalent); 93% undeveloped.1
The Class A common shares of Pinedale Energy Limited are listed for trading on the TSX Venture Exchange under the symbol "MCF." Additional information on Pinedale Energy Limited is available on the SEDAR website at www.sedar.com or on the Company's website at www.PinedaleEnergy.com
Report of Netherland Sewell & Associates with an effective date of December 31, 2016 prepared in accordance with the definitions and guidelines set forth in the Canadian Oil and Gas Evaluation Handbook and in accordance with NI 51-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to: the flow-back of the horizontal well. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "expects", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management or the operator as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pinedale to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the flow-back of the horizontal well and technical challenges in the clean-up of the horizontal well. Although management of Pinedale have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Pinedale will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Pinedale Energy Limited
For further information: Chris Schultze, Chief Operating Officer, [email protected], Pinedale Energy Limited, Suite 650 - 669 Howe Street, Vancouver, BC, Canada, V6C 0B4