Exploration & Production | Operational Updates | Quarterly / Earnings Reports | Fourth Quarter (4Q) Update
Pinecrest Places 3 Wells, Converts 7 to Water Injection in 4Q
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Pinecrest has provided an operations update for fourth quarter 2013.
Operations Update and OutlookDuring the fourth quarter, the Company completed 1 (1.0 net) oil well and placed 3 (3.0 net) wells on production. The Company also completed the conversion of 7 (7.0 net) horizontal wells in the Otter field to water injection along with the construction of associated injection facilities and pipelines. Pinecrest continues to review the performance of its waterflood projects as well as the primary production profiles for all of its wells in order to optimize production rates as well as ultimate recovery.
During the first quarter of 2014, no new wells were drilled or completed and minimal capital was spent on production optimization and maintenance; this continues to be the plan through the…
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