|By Marketwired .||
|February 14, 2014 09:30 AM EST||
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.
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.
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.
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.
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.
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.
Petroforte International Ltd.
President, CEO & Director
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 31, 2015 12:30 PM EDT Reads: 346
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Aug. 31, 2015 12:16 PM EDT
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Aug. 31, 2015 12:15 PM EDT
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Aug. 31, 2015 12:00 PM EDT
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 31, 2015 12:00 PM EDT Reads: 200
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 31, 2015 11:30 AM EDT Reads: 885
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 31, 2015 11:15 AM EDT Reads: 224
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 31, 2015 11:00 AM EDT Reads: 159
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Aug. 31, 2015 10:45 AM EDT Reads: 280
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 31, 2015 10:30 AM EDT Reads: 634
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 31, 2015 10:15 AM EDT Reads: 297
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 31, 2015 10:15 AM EDT Reads: 180
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Aug. 31, 2015 09:45 AM EDT Reads: 588
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Aug. 31, 2015 09:30 AM EDT Reads: 123
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 31, 2015 08:30 AM EDT Reads: 202