Initial production ten-day average (“IP10”) of 500 barrels of oil per day from recently drilled Wilson Creek 15-20 Cardium horizontal well.
Windfall 1-3 Bluesky horizontal well spud September 8th, 2018.
Closed first tranche of private placement of common share equity.
CALGARY, Alberta, Sept. 12, 2018 (GLOBE NEWSWIRE) — Clearview Resources Ltd. (“Clearview” or the “Company”) is pleased to provide the following operations and corporate update.
Clearview’s previously announced operated, horizontal well located on the Company’s Wilson Creek core property at 15-20-44-4W5M (“15-20”) (85% working interest) has completed its first ten days of continuous production. During the IP10, the well produced a gross average of 500 barrels of light, sweet oil per day (520 barrels of oil equivalent per day). Management is very encouraged by these early time results. The performance of 15-20 will be determined over the next few months.
The well was drilled to a total measured depth of 4,883 meters including a 3,005 meter, extended reach, horizontal lateral. The horizontal wellbore was completed with 110 stages of fracture stimulation at 15 tonnes of sand per stage (0.55 tonnes per meter) utilizing a total of 9,710 cubic meters of slickwater without any nitrogen or carbon dioxide. The same surface pad location for 15-20 could be used to drill two additional wells of this type on this property.
Clearview’s previously announced horizontal development well (100% working interest) on the Windfall core property targeting light, sweet, oil in the Bluesky Formation at 1-3-59-15W5M (“1-3”) commenced drilling operations on September 8th, 2018. The surface pad location is an existing well lease that is already tied-in to the Company’s 100% owned and operated oil handling facility. Drilling of the 1-3 well is expected to be concluded by the end of September with completion operations to follow in the month of October. Water volumes required for the completion operations are being accumulated in the Windfall area within a C-ring containment structure.
The Company has undertaken a common share private placement intended to raise funds towards its 2018 field capital program. Clearview intends to raise a maximum of $3.5 million through the sale of common shares priced at $6.25 per share and Canadian development expense (“CDE”) eligible flow-through common shares priced at $7.00 per share. CDE flow-through common shares will be limited to a maximum component of the financing of $2.9 million.
The first tranche of the financing has been closed for gross proceeds of $1.3 million consisting of 103,143 common shares and 94,400 CDE flow-through common shares. This tranche of the CDE flow-through common share issue will be qualified by the expenditures from the drilling phase of the Windfall 1-3 development well. The Company will close the final tranche of the private placement no later than September 28, 2018 to allow any additional CDE flow-through common shares issued to be qualified by the completion operations of the Windfall 1-3 development well.
|FOR FURTHER INFORMATION PLEASE CONTACT:
| CLEARVIEW RESOURCES LTD.
| 2400 – 635 – 8th Avenue S.W. Calgary, Alberta T2P 3M3
|Telephone: (403) 265-3503||Facsimile: (403) 265-3506|
|Email: firstname.lastname@example.org||Website: www.clearviewres.com|
|TONY ANGELIDIS||BRIAN KOHLHAMMER|
|President & CEO||V.P. Finance & CFO|