Exploration & Production | Operational Updates

Lightstream: Drilling Down, Production Up in Q2

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Lightstream Resources Ltd. has reported that production in June averaged approximately 45,000 barrels of oil equivalent per day (boepd) (82% light oil and liquids weighted), which contributed to second quarter average production of approximately 46,000 boepd.

This represents a 19% increase over second quarter 2012 average production of 38,700 boepd, due to the continuous execution of Lightstream's program, its maturing production base and mitigated impacts of spring break-up.

As anticipated, drilling and completions activity slowed down during the quarter; however production was largely uninterrupted. This can be attributed to milder weather and infrastructure investments resulting in more wells being tied in to facilities. Approximately 1,000 boepd of production currently remains restricted in the Brazeau region of the Cardium business unit due to third party processing capacity limitations, which we anticipate will be resolved in the third quarter of 2013.

In the Cardium business unit, the use of pad drilling allowed Lightstream to continue completion activities through spring break-up, and drilled 2 wells and placed 17 wells on production in the quarter, with the majority of the activity occurring in the West Pembina area of the business unit. Year-to-date the company has drilled 25 wells and brought 34 wells on production in the Cardium, and had 5 wells waiting to be brought on production at the end of the second quarter.

In southeast Saskatchewan, Lightstream experienced minimal downtime during the quarter and continued to execute the program. The company drilled 3 wells in the second quarter and placed 2 wells on production, bringing year-to-date totals to 25 wells drilled and 24 wells brought on production. Lightstream also continued to be active in its new resource play area, particularly in the Swan Hills region where the company drilled 2 wells and brought 1 well on production in the quarter. So far this year, Lightstream has drilled 9 wells on its new plays and had 4 wells waiting to be brought on production at the end of the quarter.