Greenfields Petroleum Corporation Announces Recent Operational Results as of November 4, 2013
November 04 2013 - 4:23PM
Marketwired Canada
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UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
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Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX
VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent exploration and production
company with assets in Azerbaijan, is pleased to announce recent operational
results.
October 2013 Operating Highlights
-- The Company's estimated entitlement volumes from production for its net
interest in the Bahar Project averaged 543 bbl/d and 6,067 mcf/d or
1,635 boe/d during September 2013 and 462 bbl/d and 5,614 mcf/d or 1,472
boe/d during October 2013, as detailed in the table below. Gross
production from the Bahar Project was down slightly in October 2013
versus September 2013, due to: (i) repairs to a gas lift line to two
platforms took three weeks due to poor weather conditions; and (ii) a
gas well being shut-in in order to add additional perforations.
Additional perforations were added to the BH 164 well, the BH 205 well,
the GD 715, the GD 716 and the GD 714, resulting in recent increases in
oil and gas production.
------------------------------------------------------
Bahar Project Gross
(estimates) Production Greenfields Net Production
------------------------------------------------------
bbl/d mcf/d boe/d bbl/d mcf/d boe/d
------------------------------------------------------
September 1,907 21,289 5,737 543 6,067 1,635
October 1,711 20,796 5,452 462 5,614 1,472
October Exit Volumes 2,431 27,468 7,362 656 7,416 1,988
-- Gross production has continued to increase to over 7,500 boe/d in early
November. John W. Harkins, CEO of Greenfields, commented, "As we
continue to experience positive drilling and workover results in Gum
Deniz Oil Field and Bahar Gas Field, we remain confident that we will
exceed our gross production target of 6,944 boe per day for the Bahar
Project by year end 2013, which will secure the production and operating
period of the Bahar Contract for the full 25 year term."
-- Bahar Energy Operating Company progressed drilling operations on the Gum
Deniz 714 well which reached TD on September 24, 2013, 60 days after
spud date. The rig is completing the well in the Zone X after a testing
program in the lower SP zone.
-- The PSG-3 drilling rig continues rigging operations on Platform 208 in
the Gum Deniz Oil Field. Weather-related delays and platform
modifications have caused the spud of the first well to slip to mid-
November 2013. Seven wells are planned for Platform 208 to begin
redevelopment on the eastern side of the Gum Deniz Oil Field.
-- The mobilization of PGS-Khazar for the 200 square kilometer 3D
acquisition over Gum Deniz Oil Field continues. The PGS personnel, one
cable lay vessel, the recording vessel, and the support vessel are in
Baku, with the seismic shooting and remaining cable lay vessels expected
by mid-November 2013. The 3D seismic acquisition is expected to begin in
the second half of November 2013, subject to final vessel arrivals.
Depending on weather and sea conditions, the 3D seismic acquisition is
expected to take approximately six months.
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas corporation focused on the
development and production of proven oil and gas reserves principally in the
Republic of Azerbaijan. The Company plans to expand its oil and gas assets
through further farm-ins and acquisitions of Production Sharing Agreements from
foreign governments containing previously discovered but under-developed
international oil and gas fields, also known as "greenfields". More information
about the Company may be obtained on the Greenfields website at
www.greenfields-petroleum.com.
Forward-Looking Statements
This press release contains forward-looking statements. More particularly, this
press release may include, but is not limited to, statements concerning:
increased average production, drilling and completion plans and the expected
timing thereof, securing the production and operating period of the Bahar
Contract and seismic acquisition. In addition, the use of any of the words
"initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate",
"believe", "should", "forecast", "future", "continue", "may", "expect", and
similar expressions are intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain key
expectations and assumptions made by the Company, including, but not limited to,
expectations and assumptions concerning the success of optimization and
efficiency improvement projects, the availability of capital, current
legislation, receipt of required regulatory approval, the success of future
drilling and development activities, the performance of existing wells, the
performance of new wells, general economic conditions, availability of required
equipment and services, weather conditions and prevailing commodity prices.
Although the Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature, they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These include,
but are not limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and expenses; and
health, safety and environmental risks), commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas industry and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. Additional
information on these and other factors that could affect the Company's
operations and financial results are included under the headings "Risk Factors"
in Greenfield's Annual Information Form, its Management Information Circular and
similar headings in the Company's Management's Discussion & Analysis which may
be viewed on www.sedar.com.
The forward-looking statements contained in this press release are made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
Notes to Oil and Gas Disclosures
Barrels Oil Equivalent or "boe" may be misleading, particularly if used in
isolation. The volumes disclosed in this press release uses a 5.559 mcf: 1bbl
conversion ratio as the Bahar Contract (ERDPSA) uses a 5.559 mcf: 1bbl
conversion ratio to measure total field production in calculating the 6,944 boe
production threshold to earn the full 25 year initial term of the Bahar
Contract. A boe conversion ratio of 6mcf: 1bbl is typically used in oil and gas
reporting and 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 Company uses a 6mcf: 1bbl ratio to calculate its share of
entitlement sales from the Bahar Project for its financial reporting and
reserves disclosure, but, for greater clarity, not for the purposes of this
press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
(832) 234-0836
Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
(832) 234-0835
info@greenfieldspetroleum.com
www.greenfields-petroleum.com
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