CALGARY, AB–(Marketwired – February 02, 2016) – Stonehaven Exploration Ltd. (“Stonehaven” or the “Company“) (TSX VENTURE: SE) provides an update on wells three and four in the four well Wilson Creek, Alberta Belly River development and exploration farm-in program that commenced in Q4 2015. As a result of drilling and completing all four wells in the program, Stonehaven has earned an interest in all four wells and associated lands.
The third well in the program is an exploration horizontal well located at 02/13-17-42-3 W5M (the “02/13-17 well”) targeting a Belly River channel prospective for light oil. The 02/13-17 well was drilled and completed with fifteen 20 tonne fracs and tested for ten days with final day average gross flowing rates of approximately 1.06 mmcf per day of natural gas at 390 psig tubing pressure, 5 barrels per day of oil and 208 barrels per day of load fluid and formation water. The 02/13-17 well had recovered approximately 51% of load fluid when it was shut-in. (SE: 90% BPO; 60% APO)
The fourth well in the program is an exploration horizontal well located at 02/01-17-42-3 W5M (the “02/01-17 well”) targeting the Basal Belly River interval for light oil. The 02/01-17 well was drilled and completed with twenty-six 20 tonne fracs and swab tested for 9 days recovering trace amounts of natural gas and approximately 25% of load fluid prior to being shut-in. Further testing on the 02/01-17 well is expected to occur in Q1 2016 subject to ground and weather conditions. (SE: 90% BPO; 60% APO)
The Company advises that initial test results are not necessarily indicative of long-term performance or of ultimate recovery from the wells.
At Bigstone, Alberta, Stonehaven has re-activated one of its three operated horizontal Montney wells. The well is currently producing intermittently subject to processing and transportation restrictions.
The Company also reports that on or about February 10, 2016, it will mail out its Information Circular and related materials with respect to its annual and special meeting of shareholders scheduled for March 9, 2016.
Stonehaven will consider strategic alternatives and the maximization of shareholder value and which alternatives may include acquisitions, dispositions and/or exchange of assets, recapitalization or mergers with other companies. Except as required by law, Stonehaven does not intend to disclose developments with respect to strategic alternatives until the board of directors of the Company has approved a definitive transaction or strategic alternative. The Company cautions that there are no guarantees that a transaction will be undertaken or a strategic alternative pursued.
Stonehaven has a net cash position of approximately $3.1 million, is debt free and is currently producing approximately 275 net boe per day (approximately 27% oil). Stonehaven has working interests at Bigstone, Fir and Wilson Creek, Alberta.
Further information relating to Stonehaven is also available on its website at www.stonehavenexp.com.