CALGARY, Alberta, Feb. 12, 2019 (GLOBE NEWSWIRE) — Cequence Energy Ltd. (“Cequence” or the “Company”) (TSX: CQE) is pleased to provide an operational update and announce an Executive Management change at the Company.
Field production for the 2018 calendar year averaged approximately 6,490 boe/d (23% liquids), with January 2019 field estimates averaging 5,900 boe/d (27% liquids). The Company’s recent two gross, two net Dunvegan oil wells that were drilled and completed in the fourth quarter of 2018 were brought on production December 28, 2018. The wells were set up with downhole pumps and tied into permanent facilities on January 10, 2019. The below table represents the field estimated production rates for each well for the month of January, 2019.
|January 2019 Field Estimates (gross)|
|Well UWI||CQE Interest %||Oil (bbl/d)||Water (bbl/d)||Gas (mcf/d)||BS&W (%)|
Water production associated with the wells is still well below fracture treatment load recovery. Management is encouraged by the early production results from the wells and expects the BS&W volumes to decrease to under 5% with time. Cequence continues to optimize the pumping system to increase total rates.
With the current continued volatility in Western Canadian commodity prices Cequence plans to release its 2019 guidance on March 12th in conjunction with its year end 2018 results. Cequence will be stewarding toward a budget that has the Company continuing to refine costs and spending within cash flow.
Executive Team Update
Cequence is pleased to announce that Allan Mowbray, CPA, CA, will be joining the Company as Chief Financial Officer effective March 15, 2019. Mr. Mowbray has over 25 years of public accounting, financial reporting and leadership experience and was most recently Chief Financial Officer at a publicly traded Canadian oilfield services company. Mr. Mowbray’s background and experience will be a significant asset to Cequence as the organization continues to pursue various strategies for the benefit of the Company and its stakeholders.
The Board of Directors of the Company would like to thank Mr. Kevin Nielsen for his assistance and support assuming the role of Interim Contract CFO during the Company’s financial restructuring in 2018 and this transitional period. We wish Mr. Nielsen continued success in his career.
Cequence is a publicly traded Canadian energy company involved in the acquisition, exploitation, exploration, development and production of natural gas and crude oil in western Canada. Further information about Cequence may be found in its continuous disclosure documents filed with Canadian securities regulators at www.sedar.com.