Welcome!

News Feed Item

Chinook Energy Provides Operational Update

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.

Security Update

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.

Contacts:
Chinook Energy Inc.
Walter Vrataric
President
(403) 261-6883

Chinook Energy Inc.
L. Geoff Barlow
Vice-President, Finance and Chief Financial Officer
(403) 261-6883
www.chinookenergyinc.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
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 general session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.