Wilson Creek Cardium horizontal well (85% working interest) achieves IP120 of 243 barrels per day of oil (“bopd”) – ahead of type-curve expectations;
Windfall Bluesky horizontal well (100% working interest) achieves restricted IP30 of 102 barrels per day of oil with a current 14-day average of 198 bopd; and
Divestment of minor, non-core assets.
CALGARY, Jan. 16, 2019 /CNW/ – Clearview Resources Ltd. (“Clearview” or the “Company”) is pleased to announce the following operational updates:
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 120 days of continuous production (“IP120”) and has recovered over 33,000 barrels of light oil to date. During the IP120, the well produced a gross average of 243 barrels of light, sweet oil per day and 258 barrels of oil equivalent per day (“boe/d”). This production exceeds the Company’s type curve IP120 estimate for oil of 205 bopd. The graph below depicts the 15-20 well’s oil production rate relative to the cumulative amount of oil produced along with the Company’s type curve for comparison. The 15-20 oil production rate has been increasing over time without any changes to the pumping and gathering system operating on the well.
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”) commenced production on November 22, 2018. Over the first 32 days, the 1-3 well was produced at restricted rates during its cleanup phase into the Company’s operated oil facility. During its first 30 days of continuous production (“IP30”), the well produced an average of 102 bopd and 286 thousand cubic feet of natural gas per day for a combined total of 149 boe/d. The most recent 14-day average of production for 1-3 was 198 bopd and 305 boe/d. The Company’s type curve IP30 estimate for oil was 173 bopd. The graph below depicts the 1-3 well’s oil production rate relative to the cumulative amount of oil produced along with the Company’s type curve for comparison.
The productivity potential of the 1-3 well will become more defined over the coming months. The Company has mapped an additional 16 net Bluesky horizontal drilling locations on this property.
Non-Core Asset Divestment
Consistent with the Company’s strategy of transformation into an operated, growth-oriented producer, Clearview has sold two of its minor, non-core assets Warburg and Crossfield for nominal proceeds. These assets were non-operated, low working interest units that produced at a combined rate of 4.8 bopd net to Clearview. The divestment closed on December 20, 2018.