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Twin Butte Confirms HZ Potential of Assets, Lowers Costs in 2015
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Twin Butte Energy Ltd. reported financial and operational results for the three and twelve months ended December 31, 2015 , along with year-end reserves and an operational update.
In 2015, the long term horizontal potential of Twin Butte's asset base was confirmed through the drilling of several Provost and Lloydminster area projects which have delivered oil production at rates above expectation with costs below expectation.
By year end, horizontal well drilling and completion costs had decreased close to 50% compared to those reported in 2014, primarily due to improved execution. Of particular note has been the success of the Company's open hole multilateral drilling in both the Lloydminster and Provost areas. The most recent Provost area quad-lateral drilled in Q4 2015, and brought…
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