CALGARY, ALBERTA–(Marketwired – Nov. 26, 2014) – Northern Spirit Resources Inc. (“Northern Spirit” or the “Company”) (TSX VENTURE:NS) is pleased to report that all 5 (3.8 net) of the horizontal wells drilled by the Company in 2014 have been completed, equipped and commenced production in September 2014. The wells were drilled in East Central Alberta in the Provost area. Three wells were drilled at Klein North, one at Klein South and the fifth at Sounding Lake. The Klein wells are operated by Northern Spirit and the Sounding Lake well is operated by an industry partner.
The Company estimates that the production rate over the month of October 2014, including from the 5 (3.8 net) horizontal wells recently drilled by the Company, averaged 490 BOE/d (net) (93% oil) representing a 230% increase in production from the June 30, 2014 Company production rate of 150 BOE/D (net) (90% oil).
Northern Spirit is in the process of finalizing preparations for its 2015 drilling program. The drilling program is expected to include the construction of four drilling pads with multiple horizontal wells expected to be drilled from each pad. Three pads are expected be constructed at Wildmere and an additional pad at Klein North. Drilling is expected to commence in the first quarter of 2015.
The Company also announces that it has filed its unaudited financial statements for the period ended September 30, 2014 and the related management’s discussion and analysis on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
About Northern Spirit Resources Inc.
Northern Spirit Resources Inc. is a public oil and gas company active in the exploration and development of oil and natural gas in East Central, Alberta.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Northern Spirit which have been used to develop such statements and information but which may prove to be incorrect. Although Northern Spirit believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Northern Spirit 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. In particular, in addition to other factors and assumptions which may be identified herein, no assurances can be given respecting: the final production rate over the month of October; the details of the Company’s 2015 drilling program, including the construction of drilling pads at Wildmere and Klein North and the timing for such construction; whether the Company’s continued exploration and development activities on its lands at Wildmere and Klein North will be successful or that additional material volumes of petroleum and natural gas reserves will be encountered, or if encountered can be produced on a commercial basis; the ultimate size and scope of any hydrocarbon bearing formations on the Company’s lands; that additional drilling and completion operations at Wildmere and Klein North will be successful such that further development activities in those areas are warranted; that Northern Spirit will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities will be consistent with past operations; the general stability of the economic and political environment in which Northern Spirit operates; drilling results; field production rates and decline rates; the general continuance of current industry conditions; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Northern Spirit to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Northern Spirit operates; and the ability of Northern Spirit to successfully market its oil and natural gas products.
Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, without limitation: changes in commodity prices; changes in the demand for or supply of the Company’s products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Northern Spirit or by third party operators of Northern Spirit’s properties, increased debt levels or debt service requirements; inaccurate estimation of Northern Spirit’s oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Northern Spirit’s public disclosure documents. Additional information regarding some of these risk factors may be found under “Risk Factors” in the Company’s Management Discussion and Analysis prepared for the year ended December 31, 2013. The reader is cautioned not to place undue reliance on this forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and Northern Spirit undertakes no obligations 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.
Neither 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.
Northern Spirit Resources Inc.
Kevin R. Baker Q.C.
President & Chief Executive Officer
Northern Spirit Resources Inc.
John H. Cassels
Vice President Finance, Chief Financial Officer & Secretary
Northern Spirit Resources Inc.
850, 396 – 11th Avenue SW
Calgary, Alberta T2R 0C5
(403) 269-1715 (FAX)