|By Marketwired .||
|February 6, 2013 07:00 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 02/06/13 -- Chinook Energy Inc. (TSX:CKE) ("Chinook" or the "Company") is pleased to provide the following operational update.
Bir Ben Tartar Concession, Tunisia
TT-10 Horizontal Well Initial Flow Rates
The TT-10 well is Chinook's fourth horizontal well test of the Ordovician Quartzite Reservoir on the Bir Ben Tartar Production Concession (the "BBT Concession"). Partners in the BBT Concession are Enterprise Tunisienne D'Activites de Petrolieres ("ETAP") as block holder and Chinook (86% interest) and Cygam Energy Inc. (14% interest) as contractors.
Completion operations on TT-10 commenced on January 7, 2013 and, following an 11-stage fracture stimulation placing a total of 270,000 pounds of proppant, production testing began on January 12, 2013. Over the initial 19 day flow period the TT-10 well flowed an average oil rate of 618 barrels of oil per day ("bopd"), an average water rate of 516 barrels of water per day (44% water cut) and average gas-to-oil ratio of 1,039 standard cubic feet of gas per barrel of oil.
BBT Concession Production Update
Initial production ("IP") and current production data from the first three horizontal wells on the BBT concession is as follows:
Dec 2012 Cumulative IP IP IP Oil Dec 2012 Production On (10 day) (30 day) (90 day) Production Water Cut to YE 2012 WELL Production (bopd) (bopd) (bopd) (bopd) (%) (barrels) ---------------------------------------------------------------------------- July 21, TT-16 2012 857 801 704 450 8 98,775 Sept 15, TT-13 2012 3,251 2,563 1,779 976 40 176,815 Oct 27, TT-11 2012 1,473 897 632 519 44 46,766
December gross production from the BBT Concession was 3,512 bopd from seven vertical and three horizontal producers. Water cuts from the horizontal wells have stabilized at approximately 40% in three of the four wells, a much higher average than seen in the stimulated vertical wells. Plans for water injection into the main BBT reservoir are progressing and will be included in 2013 facility development. Chinook's share of production is approximately 54%, with ETAP paying the tax and royalties out of its share of profit oil.
2013 BBT Drilling Program and Sud Remada Permit Activity Update
Chinook has budgeted for the drilling and completion of six wells on the BBT Concession in 2013. The anticipated commencement date of the drilling has been delayed to April 1, 2013 due to issues arising from the tendering of contracts and ETAP approvals. Chinook will provide guidance on anticipated 2013 production volumes from the BBT Concession at such time as a firm drilling commencement date has been set.
In addition to development drilling on the BBT Concession, Chinook will drill an exploration well on the Sud Remada Permit in 2013 targeting an Ordovician feature similar to that found at the BBT Concession and will shoot a 250km2 3-D seismic survey on the southern-most portion of the Sud Remada Permit, which currently has very limited 2-D seismic data, in an attempt to extend the prolific Acacus oil fairway onto the block.
Given the recent and unfortunate events in neighboring Algeria, the Company remains vigilant in respect of the safety of its employees, contractors and area stakeholders, particularly at its field operations. Since the Arab Spring revolution in 2011, the Company has experienced only very limited operational downtime and to date, no security-related work interruptions. In response to the escalation in security concerns, the Tunisian National Guard has increased its presence at the BBT Concession to mitigate any physical threat to the Company's operations.
Chinook Presenting at Two Upcoming Conferences
Walter Vrataric, President of Chinook, will be participating in a panel discussion regarding opportunities in North Africa at the RBC Capital Markets International Exploration and Production Investor Day in Toronto at the Fairmont Royal York, February 6, 2013 at 12:40 p.m. EST.
Mr. Vrataric will also be presenting at the National Bank Financial Intermediate Energy Growth and Yield Conference in Toronto at The Ritz-Carlton, which will be held February 13 and 14, 2013.
An updated corporate presentation will be posted to the Investor Information section of Chinook's website (www.chinookenergyinc.com) later this morning.
About Chinook Energy Inc.
Chinook is a Calgary-based public oil and gas exploration and development company that combines multi-zone conventional production with resource plays in Western Canada with an exciting high growth oil business onshore and offshore Tunisia in North Africa.
Forward-Looking Statement Advisory
In the interest of providing shareholders and potential investors with information regarding Chinook, including management's assessment of the future plans and operations of Chinook, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to TT-10 well expectations and future Tunisian operations to be completed and the timing thereof.
With respect to the forward-looking statements contained in this news release, Chinook has made assumptions regarding, among other things: the ability of Chinook to continue to operate in Tunisia with limited logistical, security and operational issues, future capital expenditure levels, future oil and natural gas prices, future oil and natural gas production levels, Chinook's ability to obtain equipment in a timely manner to carry out exploration and development activities, Chinook's ability to obtain required regulatory approvals, the ability of Chinook to add production and reserves through development and exploitation activities, certain commodity price and other cost assumptions and the continued availability of adequate debt and equity financing and cash flow to fund its planned expenditures. Although Chinook believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Chinook's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, political and security risks associated with Chinook's Tunisian operations, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, the continued impact of shut-in production, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations resulting from surface conditions, wells not performing as expected, delays resulting from or inability to obtain the required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Chinook's operations and financial results are included in Chinook's Annual Information Form for the year ended December 31, 2011 and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Chinook's website (www.chinookenergyinc.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Chinook does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Barrels of Oil Equivalent
Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Chinook Energy Inc.
Chinook Energy Inc.
L. Geoff Barlow
Vice-President, Finance and Chief Financial Officer
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 22, 2017 06:30 PM EDT Reads: 1,049
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 22, 2017 06:15 PM EDT Reads: 3,879
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
Mar. 22, 2017 05:45 PM EDT Reads: 1,746
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 22, 2017 04:30 PM EDT Reads: 722
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 22, 2017 03:45 PM EDT Reads: 1,083
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 22, 2017 03:30 PM EDT Reads: 712
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 22, 2017 03:15 PM EDT Reads: 466
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 22, 2017 02:45 PM EDT Reads: 2,174
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 22, 2017 02:15 PM EDT Reads: 2,123
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 22, 2017 02:00 PM EDT Reads: 1,327
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 22, 2017 02:00 PM EDT Reads: 763
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Mar. 22, 2017 01:30 PM EDT Reads: 8,076
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 22, 2017 01:15 PM EDT Reads: 1,831
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 22, 2017 12:45 PM EDT Reads: 7,694
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 22, 2017 12:00 PM EDT Reads: 1,359