CALGARY, ALBERTA–(Marketwired – July 8, 2013) – 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.
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.
President and Chief Executive Officer