CALGARY, Oct. 2, 2014 /CNW/ - Seven Generations Energy Ltd. ("7G" or the "Company") is pleased to announce that it has reached agreement with Schlumberger Canada ("Schlumberger") whereby Schlumberger will provide continuous service of one hydraulic fracture stimulation spread (the "Spread") with sufficient staffing to supply 24-hour operations to 7G. "Spread" is the industry term used to describe all of the equipment required to blend and pump the slurry used to hydraulically fracture deep gas-bearing resource rock. The Spread will be deployed at 7G's Kakwa River Project near Grande Prairie, Alberta. The Company estimates that this Spread will be able to complete the majority of the new horizontal Montney wells, now awaiting completion as well as those to be drilled during the one year contract period.
"Schlumberger's strong technical support and willingness to help us design better completions makes them an excellent technology partner for this engagement," said Marty Proctor, President and Chief Operating Officer. "Furthermore, the efficiencies gained from a continuous engagement of a frac spread enables more effective coordination of water, nitrogen and sand supply, allows for efficiencies with 7G's other services and provides a structured schedule for facilities and ultimately, production. Over time, we expect that both the Schlumberger and 7G technical and operating teams will identify ways to further optimize completion costs while improving our treatment procedures and well performance."
About the Company
Seven Generations Energy Ltd. is a private, Canadian company engaged in the development of the Kakwa River Project (the "Project"). Located approximately 100 kilometers south of Grande Prairie, Alberta, the Project is a tight, liquids rich gas and light oil project in the early stages of development. 7G has a corporate headquarters in Calgary, Alberta and an operations headquarters in Grande Prairie, Alberta. For more information, please read the preliminary long form prospectus filed in connection with the Company's initial public offering. A copy of the prospectus is available on the SEDAR website at www.sedar.com.
This press release may contain forward-looking information and statements regarding the Company. Any statements included in this press release that address activities, events or developments that the Company "expects," "believes," "plans," "projects," "estimates" or "anticipates" will or may occur in the future are forward-looking statements. Actual results may differ materially due to a variety of important factors. Among other items, such factors might include: planned and unplanned capital expenditures; changes in general economic conditions; uncertainties in reserve, resource and production estimates; unanticipated recovery or production problems; weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas and liquids gathering systems, pipelines and processing facilities; potential costs associated with complying with new or modified regulations; oil and natural gas prices and competition; the impact of derivative positions; production expense estimates; cash flow and cash flow estimates; drilling and operating risks; the Company's ability to replace oil and gas reserves; volatility in the financial and credit markets or in oil and natural gas prices; effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties. Except as required by law, the Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change. Do not place undue reliance on forward-looking information.
Seven Generations Energy Ltd.
Suite 300, 140 – 8th Avenue SW
Calgary, AB T2P 1B3
SOURCE: Seven Generations Energy Ltd.
For further information: Pat Carlson, CEO, P: 403-718-0700