CALGARY, Alberta, Aug. 17, 2017 (GLOBE NEWSWIRE) — Vital Energy Inc. (“Vital“) (TSX-V:VUX) is pleased to announce the following update on their S.W. Saskatchewan Core Project Areas:
Gull Lake Project Area: The 02-29-13-19 W3M vertical test well that was targeting oil production from the Roseray, Cantuar and Upper Shaunavon formations was completed and placed on production in late July 2017. The 02-29 well is producing 23.7 degree API medium gravity oil from the Upper Shaunavon formation. Oil production from the 02-29 well has not yet stabilized but has averaged 82 BOPD in the first 2 weeks. Water cut is less than 2%. Vital is the Operator of the Gull Lake Project Area and maintains a 50% working interest.
Pennant Project Area: The previously announced joint venture with Cerus Energy Group is proceeding. To date, Vital has acquired 3 of the 4 required surface leases necessary for the drilling of the seven (7) one (1) mile long horizontal Test Wells (Phase 1 Program). The first well license, Vital Battrum 15-20-18-17W3M, has been obtained. Lease construction will commence once all well licenses have been issued. It is anticipated that drilling operations will commence around the second or third week of September 2017. Approximately 33 potential drilling locations have been identified on only 5.25 sections (3,360 acres or 1,344 hectares) of the Pennant Project Lands. In April 2017, Vital acquired additional lands in the Pennant Project Area. Vital currently owns a 100% working interest in thirteen (13) contiguous sections of lands in Pennant Project Area (approximately 8,320 net acres or 3,328 net hectares). Vital is the Operator of the Pennant Area development project.
Vital announces an address change. New address is:
Vital Energy Inc.
Suite 888, 940-6th Avenue S.W.
Calgary, Alberta T2P 3T1
Vital Energy Inc. is a publicly traded junior oil and gas company (TSXV: “VUX”) whose primary focus is developing light and medium crude oil production in Western Canada.