Artisan Energy Corporation: Results From Wilrich Test Exceed Expectations
15 1월 2014 - 10:00PM
Marketwired
Artisan Energy Corporation: Results From Wilrich Test Exceed
Expectations
CALGARY, ALBERTA--(Marketwired - Jan 15, 2014) - Artisan Energy
Corporation ("Artisan" or the "Corporation") (TSX-VENTURE:AEC)
announces the following updates to its farm-out of various
exploration operations announced on December 30, 2013:
Wilrich Sandstone
Gas Test at Tomahawk Property, Central Alberta
Artisan has
completed a fracture stimulation and flow test of the Wilrich
sandstone on its previously drilled vertical well at 1-20-52-7W5
(the "Wilrich Test") and results have exceeded management's
expectations. During 130 hours of clean-up of the fracture
stimulation, flow from the Wilrich Test increased to a relatively
stable rate of 30,500 cubic metres per day @ 1,325 kPag (1,080
mcf/d @ 192 psig).
The Wilrich Test
results validate the mapping and interpretation of a substantial
Wilrich sandstone gas pool which underlies the majority of
Artisan's 12,160 gross acres (11,840 net acres) of land at its
Tomahawk Property. In addition, this vertical well location
represents a conservative proxy for the average reservoir thickness
and quality in the identified Wilrich gas accumulation on Artisan's
Tomahawk Property.
Based on the Wilrich
Test results Artisan now believes that development of the Wilrich
sandstone on its Tomahawk Property would be more economic than
previously anticipated in the current low gas price environment.
The Wilrich Test has resulted in new initial productivity
expectations for a 1,400 metre Wilrich horizontal well on the
Tomahawk Property of 3 to 5 MMcf/d with 50 to 100 barrels per day
of natural gas liquids, and an anticipated well cost of
approximately $2.5 million to drill, complete, equip and tie-in.
Artisan's 100% owned lands at its Tomahawk Property support in
excess of 30 development drill locations in the Wilrich
sandstone.
The Wilrich Test was
completed at no cost to Artisan. As previously announced, the
Farmee has earned a 60% working interest in the applicable section
of land (640 acres) on which the test was completed.
Test Well at Conrad
Property, S.E. Alberta
Artisan has
completed the drilling of a test well at 2-32-5-15W4 and is
currently plugging the well back and sidetracking the wellbore for
use as a future Sawtooth horizontal well (the "Conrad Test Well").
Artisan's management is very encouraged by the sand quality,
thickness and oil shows encountered in the Sawtooth sandstone.
Subject to funding Artisan intends to return to this wellbore in
the next few months and drill the developmental 400m to 500m
horizontal lateral in the Sawtooth. Artisan's 100% owned lands at
its Conrad Property support in excess of 10 development drill
locations in the Sawtooth sandstone.
The Conrad Test Well
and evaluation of the zones of interest was completed at no cost to
Artisan. As previously announced, the Farmee has earned a 60%
working interest in the deep zone of interest on the applicable
quarter section of land (160 acres) on which the Conrad Test Well
was drilled.
About Artisan
Artisan is an
oil and gas producer that holds near a 100% working interest in
27,787 core acres of land in Central and S.E. Alberta. Artisan has
development oil projects at Chip Lake and Ferrbank, Central
Alberta. Chip Lake is targeting Rock Creek oil production and
Ferrybank is targeting Belly River oil production. Artisan also has
a Sawtooth development oil project in S.E. Alberta, a Wilrich gas
and Nordegg oil exploration project in Central Alberta and is
pursuing and testing Bakken oil potential on various lands in S.E.
Alberta, having drilled an initial vertical test well to the east
of the Ferguson oil pool.
Measurements
Reported
production represents sales before the deduction of royalties.
Where amounts are expressed on a barrel of oil equivalent ("boe")
basis, natural gas has been converted at a ratio of six thousand
cubic feet to one boe. This ratio is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Boe's may be
misleading, particularly if used in isolation.
Advisory
This news
release contains forward-looking statements and information
("forward-looking statements") within the meaning of applicable
securities laws relating to the estimates of additional oil and gas
production, anticipated timing and results from operational
activities, the timing and occurrence of capital expenditure and
plans for further development. Readers are cautioned to not place
undue reliance on forward-looking statements. While Artisan
believes the expectations reflected in the forward-looking
statements are reasonable, actual results and developments may
differ materially from those contemplated by these statements
depending on, among other things, issues encountered in drilling,
completion and tie-in operations, the amount and timing of capital
expenditures and factors beyond Artisan's control. The
forward-looking information contained in this news release is made
as at the date of this news release and Artisan does not undertake
any obligation to update publicly or to revise any of the included
forward- looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws. Readers are urged to consider these
factors carefully in evaluating any forward-looking
information.
Additional
information on other factors that could affect Artisan's operations
and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com).
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
Artisan Energy CorporationRick IronsidePresident & CEO(403)
984-9275Rironside@artisanenergy.caArtisan Energy CorporationRick
YoungVice-President Exploration & COO(403)
984-9275Ryoung@artisanenergy.cawww.artisanenergy.ca
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