VANCOUVER, Nov. 16, 2017 /CNW/ – Pinedale Energy Limited (“Pinedale” or the “Company”) (TSXV: MCF), is pleased to provide an update on 2017 development and exploration activities occurring at the Company’s non-operated working interest properties situated in the Pinedale gas field area, southwest Wyoming.
Pinedale Horizontal Program Update
Pinedale Energy owns a 7.939458% non-operated working interest in a two-mile horizontal well that was drilled on the east flank of the Pinedale anticline and on November 8, 2017 provided an update that the well was flowing back at a rate of 21 million cubic feet of natural gas equivalent per day (“MMcfe/d“) with flow rates still increasing.
The Warbonnet 9-23-A-1H well continues to flow-back on test with flow rates increasing and as of November 14 had achieved a 24-hour test rate of 42 MMcfe/d. Flow-back parameters include a gas rate of 38 MMcf per day, a condensate rate of 700 barrels per day, or 18 barrels per MMcf, and a flowing casing pressure of 3,000 psi. A controlled choke flow rate on November 15 was 46 MMcfe/d with only 17% of the frac fluid recovered and flowing pressures above normal. The operator expects to flow-back the horizontal well for several more weeks.
About Pinedale Energy Limited
Pinedale Energy Limited is an independent oil and gas exploration and production company focused exclusively on its natural gas properties situated in the prolific Pinedale field area, within the Green River Basin of southwestern Wyoming. Pinedale, through its subsidiaries, owns non-operated interests in 17 oil and gas leases with an undivided working interest ranging from 11.56% to 21.25% in approximately 11,995 acres. At year-end 2016, the Company had gross proved reserves of approximately 95.5 billion cubic feet of gas and 842 thousand barrels of oil (101.5 billion cubic feet equivalent); 93% undeveloped.1