DeeThree Exploration Ltd. Announces 30-Day Brazeau Belly River and Lethbridge Alberta Bakken Production Rates
July 08 2013 - 8:00AM
Marketwired
DEETHREE EXPLORATION LTD. ("DeeThree" or the "Company")
(TSX:DTX)(OTCQX:DTHRF) is pleased to announce the average 30-day
initial production rates of the significant Brazeau Belly River and
Lethbridge Alberta Bakken horizontal wells drilled earlier this
spring.
DeeThree announced the highest initial test rate to date from a
Belly River horizontal well drilled in its Brazeau core property on
April 8th, 2013. After more than 30 days of production this well
has continued to flow up the 4 1/2" frac string and its average
IP30 production rates were 1,150 bbls/d of oil and natural gas
liquids and 500 mscf/d of sales gas. This well is currently
producing at a rate of approximately 590 bbls/d of oil and natural
gas liquids with a water cut of approximately 1% and 500 mscf/d of
sales gas.
In addition, DeeThree announced the highest test rate to date
from an Alberta Bakken horizontal well drilled in its Lethbridge
core property on May 14th, 2013. This well has produced by a
combination of flowing and pumping for more than 30 days and its
average IP30 production rate was 1,190 bbls/d of oil. This well is
currently producing at a restricted rate of approximately 570
bbls/d of oil with a water cut of approximately 3%.
DeeThree continues to maintain a very active drilling program on
its Brazeau and Lethbridge core properties with two rigs currently
drilling Alberta Bakken horizontals in the Lethbridge area and one
rig currently drilling Belly River horizontals in the Brazeau area.
To date in 2013, DeeThree has drilled 13 wells of a planned 31 well
drilling program in its core properties.
Reader Advisory
Forward-Looking Statements. Certain statements contained in this
press release may constitute forward-looking statements. These
statements relate to future events or the DeeThree's future
performance. All statements other than statements of historical
fact may be forward-looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. DeeThree believes that the expectations
reflected in those forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this press
release should not be unduly relied upon by investors. These
statements speak only as of the date of this press release and are
expressly qualified, in their entirety, by this cautionary
statement.
In particular, this press release contains forward-looking
statements, pertaining to the following: oil and natural gas
production levels, capital expenditure programs, projections of
market prices and costs, supply and demand for oil and natural gas,
the quantity of reserves, treatment under governmental regulatory
and taxation regimes and expectations regarding DeeThree's ability
to raise capital and to continually add to reserves through
acquisitions and development.
With respect to forward-looking statements contained in this
press release, DeeThree has made assumptions regarding, among other
things: the legislative and regulatory environments of the
jurisdictions where DeeThree carries on business or has operations,
the impact of increasing competition, and DeeThree's ability to
obtain additional financing on satisfactory terms.
DeeThree's actual results could differ materially from those
anticipated in these forward-looking statements as a result of risk
factors that may include, but are not limited to: volatility in the
market prices for oil and natural gas; uncertainties associated
with estimating reserves; uncertainties associated with DeeThree's
ability to obtain additional financing on satisfactory terms;
geological, technical, drilling and processing problems;
liabilities and risks, including environmental liabilities and
risks, inherent in oil and natural gas operations; incorrect
assessments of the value of acquisitions; competition for, among
other things, capital, acquisitions of reserves, undeveloped lands
and skilled personnel. Readers are cautioned that the foregoing
list of factors is not exhaustive. Additional information on these
and other factors that could effect DeeThree's operations and
financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com).
This forward-looking information represents DeeThree's views as
of the date of this document and such information should not be
relied upon as representing its views as of any date subsequent to
the date of this document. DeeThree has attempted to identify
important factors that could cause actual results, performance or
achievements to vary from those current expectations or estimates
expressed or implied by the forward-looking information. However,
there may be other factors that cause results, performance or
achievements not to be as expected or estimated and that could
cause actual results, performance or achievements to differ
materially from current expectations. There can be no assurance
that forward-looking information will prove to be accurate, as
results and future events could differ materially from those
expected or estimated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information.
Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements.
Test Rates. Test rates are not necessarily indicative of
long-term performance or of ultimate recovery. Neither a pressure
transient analysis nor a well-test interpretation has been carried
out and the data should be considered to be preliminary until such
analysis or interpretation has been done.
BOE Presentation. References herein to "boe" mean barrels of oil
equivalent derived by converting gas to oil in the ratio of six
thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe
may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
We seek Safe Harbor.
Contacts: DeeThree Exploration Ltd. Martin Cheyne President and
Chief Executive Officer (403) 263-9130
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