CALGARY, ALBERTA–(Marketwired – Nov. 28, 2017) – Eagle Energy Inc. (“Eagle“) (TSX:EGL) is pleased to announce initial production test results from its first North Texas horizontal well. Currently, the well is producing 527 barrels of oil equivalent per day (402 barrels per day of oil) and is exceeding Eagle’s forecast presently built into its 2017 full year average production guidance. Oil rates have continued to increase as more frack fluid has been recovered.
Wayne Wisniewski, Eagle’s President and Chief Executive Officer, stated, “This is a significant event for Eagle. We have approximately 25,000 net acres under lease in North Texas and the well production to date validates the play concept we have been working on for over 2-1/2 years. Due to well integrity issues, we are producing from only 18 of the 28 planned frack stages, which makes this production test all the more encouraging. We will be shutting the well in today to establish permanent production facilities. We expect the shut-in period to not exceed one week.”
Mr. Wisniewski continued, “This encouraging well performance reinforces our plans to drill a second horizontal well approximately ten miles away towards the end of the first quarter of 2018 to assess the regional extent of this play.”
The well went on production test on November 18, 2017 from the middle Pennsylvanian formation. The above rates are based on the latest 24 hour period. Approximately 21% of the frack fluid has been recovered to date and the well is currently flowing back approximately 1,700 barrels per day of frack fluid.
About Eagle Energy Inc.
Eagle is an oil and gas corporation with shares listed for trading on the Toronto Stock Exchange under the symbol “EGL”.
All material information about Eagle may be found on its website at www.EagleEnergy.com or under Eagle’s issuer profile at www.sedar.com.