CALGARY, AB–(Marketwired – November 24, 2016) – Front Range Resources Ltd. (“Front Range” or the “Company“) (TSX VENTURE: FRK) reports that operations on the Company’s initial two well, Montney horizontal drilling program are underway on the 33 contiguous section block at Pepper, Alberta. The 3-23 horizontal Montney well (100% W.I.) spud on October 14, 2016 and is currently drilling horizontally in the Montney formation. Subject to the final length of the horizontal leg of the 3-23 wellbore, the well completion is expected to include up to 36 slickwater stages at 85 tonnes per stage. Completion operations at the 3-23 location will commence after rig release, subject to weather and crew availability, with flow test results to follow. Immediately after finishing the 3-23 drilling operation, the drilling rig will be mobilized to the Company’s horizontal Montney re-entry well at 3-21 (100% W.I.).
Front Range also reports that it has entered into an asset purchase and sale agreement and sold its petroleum and natural gas assets in the Bigstone area of Alberta (the “Bigstone Assets“) for a purchase price of $3.75 million. The Bigstone Assets include three gross (net 1.25) horizontal Montney natural gas wells and 8 gross (3.5 net) sections of land with petroleum and natural gas rights in the Montney formation. The Company’s net production associated with the Bigstone Assets for the nine months ended September 30, 2016, was approximately 8 boe/day (comprised of 36 mcf/d of natural gas and 2 bbls/d of NGLs) over the 274 days in the period. Total proved plus probable reserves assigned to Bigstone by GLJ Petroleum Consultants Ltd. as at December 31, 2015 was approximately 3.4 MMboe.
Further information relating to the Company is also available on its website at www.frrl.ca.