CALGARY, Nov. 20, 2014 /CNW/ - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) provides update on Duvernay drilling operations.
The Company drilled its continuation well in the Willesden Green block (7 gross, 7.0 net sections) to a total measured depth of 17,200 feet including a 1.2 mile lateral section. Drilling time from spud to TD was 42 days with an estimated cost of $6 million to drill and case the well with a 4 1/2" liner cemented in place. With the drilling of the well, Yangarra has now extended the tenure of the Willesden Green land block to October 2020.
In the Pembina block (54 gross, 54.0 net sections), the Company acquired a surface location, licensed a Duvernay well, and is formulating a drilling plan to continue the land. Yangarra anticipates, that the knowledge and experience gained drilling the Willesden Green well will assist the Company developing an economical drilling plan, to satisfy the continuation process in the Pembina land.
The Company's focus will remain on continuation of its Duvernay lands, and completion of the Willesden Green well will be delayed until well economics are better understood, the best completion techniques have been determined, and there is improved access to infrastructure in the area.
Concurrent with Yangarra's 2015 drilling program, the Company will seek a joint venture ("JV") partner to develop the Duvernay asset and will consider other alternatives to monetize the asset.
Forward looking information
Certain information regarding Yangarra set forth in this news release, including management's assessment of future plans, operations and operational results may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
All reference to $ (funds) are in Canadian dollars.
SOURCE: Yangarra Resources Ltd.
For further information: please contact Jim Evaskevich, President and CEO at (403) 262-9558