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Traverse Energy Reports Upper Mannville Well Results
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Traverse Energy Ltd. has placed on production another horizontal well in the Coyote area.
This well was drilled in an Upper Mannville zone previously delineated by wells drilled in the deeper Coyote Ellerslie pool. The well was drilled to a total measured depth of 2,510 metres, including a 1,140 horizontal section and was fracture treated in 22 stages. The well was initially swabbed and flowed for cleanup and production testing. During the test a total of 1,150 barrels of oil and 3.9 mmcf of raw natural gas were produced over a 6 day period.
The well was further production tested through the Company's existing facilities for a 9 day period. During this test the well produced 2,050 barrels of oil and 11.5 mmcf of sales gas. Current production from the well is 200 barrels of oil and 1.2 mmcf of sales gas per day (400 BOE per day). These early test results, although preliminary, are encouraging based on analogous similar pools in East Central Alberta. These results are not necessarily indicative of long-term performance or of ultimate recovery.
The Company's average production for the second quarter ended June 30, 2015 was 924 BOE per day, comprised of approximately 52% oil and natural gas liquids.
At June 30, 2015 the Company had working capital of approximately $4.5 million and an approved credit facility of $10 million. Undeveloped land holdings in Alberta at June 30, 2015 were 192,300 gross (191,700 net) acres.
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