|By Marketwired .||
|January 20, 2014 08:30 AM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/20/14 -- Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE: CEX) is pleased to provide an operations update on its activities in the Kakwa area of Alberta.
Contact holds a 25% working interest in all Montney wells and associated facilities on a 16 3/4 section block in the Kakwa, Alberta area, other than in the 13-17-63-5W6 Well ("13-17 Well") in which the Company's working interest is 37.5% before payout, 25% after payout. Contact is the operator of all wells and facilities on this 16 3/4 section block.
The central compression and condensate stabilization facility located at 16-7-63-5W6 ("16-7 Facility") has now been fully constructed and commissioned. The 16-7 Facility will be used to compress natural gas from the Contact-operated Kakwa area wells for transportation to a third party gas plant, as well as to stabilize and store condensate prior to trucking liquids to sales off-take facilities. Over the past two weeks the 16-7 Facility has demonstrated the ability to receive up to 14mmcf/d of natural gas production and associated condensate production. The commissioning of the 16-7 Facility extended from mid-December 2013 to mid-January 2014. Contact's December 2013 Kakwa production was thereby restricted due to additional downtime of the Kakwa wells while the 16-7 Facility underwent commissioning.
The Contact operated wells at 13-17-63-5W6, 14- 30 -63-5W6, 3-19-63-5W6 and 5-23-63-6W6 are currently flowing through the 16-7 Facility at aggregate gross production rates of up to 8mmcf/d natural gas and 1,200bbl/d condensate (2mmcf/d and 300bbl/d net to Contact). This flush production rate is expected to decline as production continues, in keeping with normal production declines. However, Contact anticipates that production from wells currently being drilled, completed or tied-in at Kakwa will continue to increase the Company's overall production levels.
Contact recently completed and production tested the 16-25-63-5W6 Montney well ("16-25 Well"). During a short production test, the 16-25 Well demonstrated initial deliverability and condensate yields consistent with the Company's other operated wells at Kakwa. Contact notes that the results from production testing are not necessarily indicative of the long term performance or of the ultimate recovery from the 16-25 Well. The 16-25 Well is now being equipped to produce into the 16-7 Facility and Contact expects this well to be brought onto production in early February 2014.
Contact has completed drilling of the 16-17-63-5W6 Montney well ("16-17 Well") to a total depth of 5,191m. The 16-17 Well was drilled from the same pad as Contact's first Kakwa Montney well at 13-17. Drilling operations were carried out on time and on budget, taking 42 days from spud to rig release. Completion operations are underway on the 16-17 Well and Contact expects to undertake production testing of the well in late January 2014. With success, the 16-17 Well will be equipped for production into the 16-7 Facility, with production expected to commence in mid-February 2014.
Also at Kakwa, Contact is currently drilling a Montney well at 15- 30 -63-5W6 ("15-30 Well"), the first of two back-to-back wells expected to be drilled by the Company from the drilling pad at 3- 30 -63-5W6. The 15-30 Well was spud on December 31, 2013 and is expected to take approximately 45 days to reach total depth. Upon casing the 15-30 Well, Contact intends to immediately spud an additional well from the 3-30 pad ("02/14-30 Well"), with spudding expected to occur in February 2014. The 02/14-30 Well is being designed to penetrate the Upper Montney D4 interval. Contact expects to complete both the 15-30 Well and the 02/14-30 Well upon concluding drilling operations on the 02/14-30 Well. Contact anticipates drilling and completion operations on the 15-30 Well and the 02/14-30 Well to be finalized in April 2014 and, with success, expects both wells to be equipped and flowing into the 16-7 Facility in May 2014.
As previously announced Contact intends to employ one rig year round at Kakwa. The Company is currently permitting a new multi-well pad at 7-19-63-5W6 to facilitate the drilling of two long-reach (approximately 1.5 mile) horizontal wells between April and July 2014. The Company expects to complete these wells consecutively once the second well has finished drilling.
Adjoining the 16 3/4 section block discussed above, Contact holds a 23.75% working interest in two non-operated sections at Kakwa. The Company participated in the drilling of one Montney well on these lands, at 14-2-63-6W6 ("14-2 Well"). The 14-2 Well was placed into production in September 2013 but was shut in for substantially all of November and December 2013 due to the operator's infrastructure restrictions. The participants in the 14-2 Well met in late 2013 to discuss production strategies, and the operator agreed to re-commence production at restricted but stable rates. The 14-2 Well re-commenced production on January 7, 2014 as part of establishing a longer term performance profile, and determining an optimum go-forward production strategy, for the well.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta's liquids-rich Montney Formation tight gas play. For more information, please see the Company's website: www.contactexp.com.
ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "continue", "estimate", "may", "will", "should", "believe", "plans", "cautions" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning expected production declines from existing wells, and production additions from new wells, at Kakwa; the timing for the 16-25 Well to be brought onto production; the timing to test, equip and bring onto production the 16-17 Well; the timing to drill the 15-30 Well to total depth, the timing to spud the 02/14-30 Well and the timing to complete, equip and bring both such wells onto production; and the timing to drill and complete two long-reach horizontal wells off a pad at 7-19-63-5W6.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Contact which have been used to develop such statements and information but which may prove to be incorrect. Although Contact believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Contact can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. In particular, in addition to other factors and assumptions which may be identified herein, no assurances can be given respecting: whether the Company's exploration and development activities respecting the Deep Basin Montney project will be successful or that material volumes of petroleum and natural gas reserves will be encountered, or if encountered can be produced on a commercial basis; the ultimate size and scope of any hydrocarbon bearing formations at the Deep Basin Montney project; that additional drilling and completion operations in the Deep Basin Montney project will be successful such that further development activities in this area is warranted; that Contact will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities will be consistent with past operations; the accuracy of the estimates of Contact's reserve volumes; the general stability of the economic and political environment in which Contact operates; drilling results; field production rates and decline rates; the general continuance of current industry conditions; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Contact to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Contact operates; and the ability of Contact to successfully market its oil and natural gas products.
Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, without limitation: changes in commodity prices; changes in the demand for or supply of the Company's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Contact or by third party operators of Contact's properties, increased debt levels or debt service requirements; inaccurate estimation of Contact's oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Contact's public disclosure documents. Additional information regarding some of these risk factors may be found under "Risk Factors" in the Company's Management Discussion and Analysis prepared for the year ended March 31, 2013. The reader is cautioned not to place undue reliance on this forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and Contact undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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