Wilson Creek 15-20 Cardium horizontal well initial production thirty-day average (“IP30”) of 300 barrels of oil per day (“bbls/d”).
Windfall 1-3 Bluesky horizontal well drilled and completed.
Closed private placement.
CALGARY, Alberta, Oct. 24, 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 thirty days of continuous production. During the IP30, the well produced a gross average of 300 barrels of light, sweet oil per day (315 barrels of oil equivalent per day). This production exceeds Management’s type curve IP30 estimate of 252 bbls/d.
The same surface pad location for 15-20 could be used to drill two additional wells of this type. The Company has mapped an additional 21 gross (14 net) Cardium horizontal drilling locations 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”) was drilled to a total measured depth of 4,047 meters including an 1,829 meter, horizontal lateral. The horizontal wellbore was completed with 65 stages of fracture stimulation at 15 tonnes of sand per stage (0.54 tonnes per meter) utilizing a total of 6,864 cubic meters of slickwater without any nitrogen or carbon dioxide. The well is currently being set up to recover load water and formation fluids during the clean-up phase of the flow back. The Company will report the initial production performance of this well once the data is available.
The 1-3 surface pad location is an existing well lease that is already tied-in to the Company’s 100% owned and operated oil handling facility. The Company has mapped an additional 16 net Bluesky horizontal drilling locations on this property.
The Company has closed its previously disclosed private placement. In total, 197,812 common shares and 101,543 CDE flow-through common shares were issued by Clearview for aggregate gross proceeds of $1.9 million. The proceeds will be used to fund the 2018 capital program.