Calgary, Alberta – Pine Cliff Energy Ltd. (TSX: PNE) (“Pine Cliff“, or the “Company“) is pleased to provide an update on its Pekisko development program which continues to demonstrate encouraging results.
Pekisko Development Program Update
Pine Cliff’s first horizontal oil well (“13-33“) targeting the Pekisko formation in Central Alberta came on production on January 18, 2019, and has averaged 249 Boe/d (111 Bbl/d oil, 27 Bbl/d natural gas liquids and 666 Mcf/d natural gas) through the first 365 days of production.
Two (2) additional Pekisko wells (100% working interest) were drilled in the fourth quarter of 2019, with the first of these wells (“4-21“) being placed on production on December 19, 2019, with IP30 rates averaging 308 Boe/d (150 Bbl/d oil, 31 Bbl/d natural gas liquids and 761 Mcf/d natural gas). Pine Cliff’s third Pekisko well (“1-15“) was placed on production on January 18, 2020. Pine Cliff reduced capital expenditures on 4-21 and 1-15 to an average of $2.6 million per well for drilling, completion and tie in, down from $3.0 million for the same scope of work on 13-33.