|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
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 31, 2016 12:45 AM EDT Reads: 2,041
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 30, 2016 11:30 PM EDT Reads: 1,337
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jul. 30, 2016 10:30 PM EDT Reads: 1,944
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 30, 2016 09:45 PM EDT Reads: 1,320
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 09:45 PM EDT Reads: 1,497
"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.
Jul. 30, 2016 09:30 PM EDT Reads: 1,533
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Jul. 30, 2016 07:30 PM EDT Reads: 1,768
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 30, 2016 07:30 PM EDT Reads: 1,318
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 30, 2016 07:00 PM EDT Reads: 2,777
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 30, 2016 05:00 PM EDT Reads: 1,311
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 04:30 PM EDT Reads: 2,283
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Jul. 30, 2016 04:30 PM EDT Reads: 587
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 30, 2016 04:30 PM EDT Reads: 1,128
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jul. 30, 2016 04:15 PM EDT Reads: 660
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 30, 2016 02:30 PM EDT Reads: 1,080