CALGARY, ALBERTA–(Marketwired – June 6, 2016) – Raging River Exploration Inc. (“Raging River” or the “Company“) (TSX:RRX) is in Regina, Saskatchewan today meeting with Saskatchewan Premier Brad Wall and visiting the legislature to highlight the Company’s 2016 capital plan.
“We are happy to have the opportunity to share our plans for 2016 and beyond with the Premier and highlight the tremendous amount of activities we are undertaking in the province,” Neil Roszell, President and Chief Executive Officer of Raging River said.
The 2016 Raging River capital program includes $175 million in investment, which consists of 215-220 new wells. Over 85 percent of that amount is expected to be spent in the Saskatchewan Kindersley area. In addition, Raging River will continue to concentrate on technology advancements in the Viking area. The initiatives include horizontal waterflooding and trials of different drilling spacing in order to maximize oil recovery and the long term economic benefits for the Company and people of Saskatchewan. Raging River is pleased to see Premier Wall’s commitment to the oil and gas industry through the recently announced budget initiatives which continue to encourage investment and employment in Saskatchewan.
Raging River expects that production will continue to grow as enhanced oil recovery is implemented in the Kindersley area over the next 10-15 years. Raging River has a drilling inventory of 3,900 locations, with approximately 90% of the locations in Saskatchewan.
Having just achieved another quarterly production record in the first quarter of 2016, representing a 24% increase over the comparable first quarter period in 2015, Raging River sees a bright future in Saskatchewan.
“We have a 10 year vision that will continue to see strong investment in Saskatchewan,” said Roszell. “Over this period, we anticipate investing capital of approximately $3 billion on drilling and enhanced oil recovery in addition to approximately $1 billion on continuous operations. The people, communities and government of Saskatchewan have enabled us to be successful. Our long term vision allows us to make ongoing investment in the province’s oil and gas industry, and in turn provide continuous employment for its people.”
Raging River employs approximately 250 field people on the average day. Of that, 25 percent of these individuals are dedicated to full time operations and 75 percent are dedicated to capital projects such as drilling, completions and pipeline/facilities.