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
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1.
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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.
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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