Exploration & Production | Operational Updates | Production
Pinecrest has Difficulty with Waterfloods; Guidance Shortfall Results
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Pinecrest Energy Inc. has announced an update to its production guidance for the fourth quarter of 2013, its credit facility and 2014 capital program.
Production UpdateBased on field estimates, average production for the fourth quarter of 2013 was approximately 2,580 boepd (97% oil and liquids). Average production for the month of December, based on field estimates, was 2,308 boepd, below the Company's budget and previous guidance. Current production is estimated to be 2,300 boepd (97% oil and liquids).
The production shortfall, relative to guidance, was the result of a number of factors which include:
Steeper than anticipated declines from the three most recently drilled wells; Delayed start-up causing a corresponding delay in response at three Otter waterfloods. Water injection was…- ✓ Full news archive — U.S., Canada & international coverage
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