CALGARY, Alberta, Nov. 19, 2018 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“PPR” or the “Company”) (TSX:PPR) announces an operational update on successful drilling and completion results from its core Evi area in the Peace River Arch.
Evi Drilling Exceeds Expectations
As part of its light-oil Granite Wash drilling program, PPR recently drilled four exploration wells in its core Evi area. Two of the wells were successful, with an initial combined swab/flow test rate of about 300 bopd which exceeded management’s expectations. One of the wells is still being evaluated and one well was not successful. Average drill costs for the four Granite Wash wells came in under budget. The two successful Granite Wash wells are currently being tied-in, and are expected to be brought on production in early December.
To reduce rig moving costs, the Company will now begin drilling two lower-risk Slave Point light-oil development wells in Evi. The Slave Point wells are expected to be brought on production in the first quarter of 2019. With the capital costs spent on the Granite Wash drilling program and resulting successful test results, PPR reconfirms its 2018 capital budget of approximately $29 million and 2018 average production of 5,200 to 5,600 boe/d.
The Company cautions that the short-term test rates disclosed in this news release are preliminary in nature and may not be indicative of stabilized on-stream production rates or of future product types. The test results are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. In addition, fluid recovery rates during testing includes recovery of load fluids used in well completion stimulation operations. Actual results will differ from those realized during testing, and the difference may be material.
ABOUT PRAIRIE PROVIDENT
Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta. The Company’s strategy is to grow organically in combination with accretive acquisitions of conventional oil prospects, which can be efficiently developed. Prairie Provident’s operations are primarily focused at Wheatland and Princess in Southern Alberta targeting the Ellerslie and the Lithic Glauconite formations, along with an early-stage waterflood project at Evi in the Peace River Arch. Prairie Provident protects its balance sheet through an active hedging program and manages risk by allocating capital to opportunities offering maximum shareholder returns.