News Feed Item

Petroforte International Ltd. Provides Update on Operational and Other Matters

CALGARY, ALBERTA -- (Marketwired) -- 02/14/14 -- Petroforte International Ltd. ("Petroforte" or the "Corporation") (TSX VENTURE:PFI) is pleased to provide the following updates on operations and other matters.

Flood, Alberta

In January of 2014, two wells were drilled at the Corporation's Flood property, where the Corporation holds a 100% working interest.

The 1-7-85-24W5 well was drilled as a water disposal well. The 1-7 well drilling costs of approximately $475,000 were below budget expectations. Completion of the well is currently underway and an application for the well to be approved as a water disposal well will be submitted to the Alberta Energy Regulator (the "AER").

A vertical potential Montney oilwell was drilled at 5-8-85-24W5. The 5-8 well drilling costs of $500,000 were below budget expectations.

If the AER approves the application for the 1-7 well to be used as a water disposal well, the 5-8 well will be placed on production and three other currently shut-in Montney oilwells on the Flood property will be reactivated.

The existing battery is being upgraded to include an injection pump and recycle pump for the water disposal system. The existing and related tank farm is also being modified to treat the oil/water emulsion and dispose of excess water.

The Corporation expects to drill two more vertical Montney oilwells by the end of Q2, 2014 at the Flood property.

Brazeau River, Alberta

The Cardium Formation in the 2-5-48-14W5 well at the Corporation's Brazeau River property, where the Corporation holds a 100% working interest, was perforated and fracture stimulated in January of 2014. The well commenced oil production on February 5, 2014. Initial field production rates averaged 75 BOE per day during its first four production days. Given the limited production to date at the 2-5 well, the initial four day average production rate is not necessarily indicative of long-term performance or ultimate recovery.

The 2-5 well is the second successful Cardium recompletion well the Corporation has at Brazeau River.

The Brazeau River 9-5 well, which was placed on production on October 19, 2013, is currently producing at an average of approximately 170 BOE per day over the last 30 production days.

Petroforte acquired a 100% working interest in the SE quarter of Section 13-48-16W5 for Belly River oil potential on December 18, 2013 from the Alberta Government's land sale process for $78,000. The rights acquired are from surface to base Cardium.

Wapiti, Alberta

Drilling commenced on a farm-in well at 9-21-67-8W6 on January 29, 2014. Rimfire Energy Inc. granted Petroforte a one month extension to spud the well due to rig availability issues.

The 9-21 well has reached the beginning of the horizontal leg in the Cardium Formation and casing has been set.

The 1,400 meters horizontal section of the well is being drilled and on February 12, 2014 the well penetrated a minimum of 400 meters. Pursuant to the farm-in agreement with Rimfire, the effect of this event is that Petroforte has earned a 70% working interest in the well and a 70% working interest in the northern half of Section 21 (where two other potential Cardium wells may be drilled) and an additional one and a quarter section of undeveloped land in the Wapiti area.

Effect on Reserves

The Corporation has not received sufficient information to allow it reach a conclusion regarding the effect of these developments on its reserves. It will report on reserve additions as part of its annual reserves disclosure later this year.

December Production

During the month of December 2013, the Corporation realized average daily sales volumes of approximately 430 BOE per day, comprised of 60% natural gas and 40% oil and natural gas liquids.

Private Placement Update

On January 14, 2014 Petroforte closed the second tranche of its private placement offering previously announced on December 12, 2013 and issued 1,875,000 equity units for gross consideration of $375,000, each unit consisting of one common share of the Corporation and one half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $0.40 per share for a period commencing on the date of issuance and ending on March 31, 2016.

The Corporation wishes to clarify that on December 23, 2013 it issued 16,000,000 units for gross consideration of $3,200,000 rather than 17,875,000 units for gross consideration of $3,575,000 as indicated in its press release dated December 30, 2013. Together with the first tranche, the Corporation has issued a total of 17,875,000 units under the offering announced in December for gross consideration of $3,575,000.

Closing of the offering has received conditional approval by the TSXV and is still subject to final approval by the TSXV. All securities issued in connection with the Offering are subject to a four-month hold period.

Management Update

Harry Knutson resigned as a director and officer of the Corporation on February 13, 2014. Effective immediately he will join the Corporation as Manager, Business Development and will take responsibility for developing and implementing acquisition transactions that will contribute to the Corporation's ongoing growth.

About Petroforte

Petroforte is a junior oil and gas company headquartered in Calgary, Alberta engaged in the exploration, development and production of hydrocarbons in Alberta.

Forward Looking Statements

Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "estimates", "seeks" and similar expressions.

Forward-looking statements necessarily involve known and unknown risks, including, without limitation, 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 estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Additional information on these and other factors that could affect Petroforte's operations or financial results are included in Petroforte's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com.) or by contacting Petroforte.

The forward looking statements contained in this news release are made as of the date of this news release, and Petroforte does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.


Barrel of oil equivalents (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Petroforte International Ltd.
Kevin Adair
(587) 779-4259

Petroforte International Ltd.
Allan King
President, CEO & Director
(587) 779-4259

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
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
SYS-CON Events announced today that Enzu 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today that Cloudbric, a leading website security provider, 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. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Coalfire 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. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium 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. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.