|By Marketwired .||
|June 2, 2014 07:39 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/02/14 -- Tamarack Valley Energy Ltd. (TSX VENTURE: TVE) ("Tamarack" or the "Company") is pleased to announce record corporate production, as a result of the successful 2014 drilling program. Based on field estimates, Tamarack has averaged 5,850 boe/d during the last 7 days of May 2014. Although Tamarack has been affected by production curtailments due to un-scheduled third party facility downtime in central Alberta, stronger than budgeted results from the Company's accelerated program is expected to make up for the majority of the production curtailments. Based on the current outlook, Tamarack expects to achieve its original average production forecast of 4,700 boe/d during the first half of 2014 and reiterates its annual average production between 5,300 and 5,500 boe/d for 2014. The Company estimates that production was curtailed by approximately 300 boe/d during the months of April and May. About half of this production is back on-line as of the end of May, with the remaining production not expected to be on until mid-third quarter of 2014.
The Company expects the second quarter of 2014 will be its most active quarter for drilling and completion operations. At times during the second quarter Tamarack had four drilling rigs in operation. During the first two months of the second quarter the Company drilled 16 (15.4 net) wells bringing the totals to date for 2014 to 27 (23.5 net) wells. During the months of April and May, 2014, the Company brought on production 9 (6.3 net) Cardium wells and 7 (6.7 net) Viking oil wells with an additional 4 (3.6 net) Cardium wells to drill and 9 (7.3 net) Viking oil wells to be fracture stimulated in June 2014.
Cardium Operations Update
Tamarack has maintained operations with the same two rigs, drilling Cardium wells since early in the first quarter of 2014. To date the Company has drilled 9 (6.3 net) Cardium wells in the Garrington and greater Pembina area of Alberta. All 9 wells have been fracture stimulated and are on production, including two on flow-back which will require the construction of permanent facilities expected to take place in June, 2014. The Company is currently drilling the first of two 1-mile wells in the Blue Rapids area and the first of two 1-mile wells in the Wilson Creek area. All four of these wells are expected to be drilled by the end of the second quarter with fracture stimulations to occur early in the third quarter. Also late in the third quarter, Tamarack will be participating in the drilling of 4 (2 net) Cardium wells in the Wilson Creek area from the same pad.
Tamarack has been very encouraged with the initial drilling results in the greater Pembina area. Based on results to date from the first 11 wells drilled in the farm-in area, Tamarack is achieving 19-25% higher production rates during the first 120 days of production than was originally budgeted.
The Company has also continued to consolidate working interests in the greater Pembina area. It has entered into agreements to secure another 3.5 net sections of undeveloped land in addition to the 8 sections of land added through multiple deals during the first quarter of 2014. To date the Company has added a total of 28.8 net Cardium drilling locations bringing the total to 181.5 net low risk horizontal Cardium inventory across its 211,408 net undeveloped acres. The 28.8 net new locations more than replaced this year's Cardium horizontal drilling activity.
Viking Operations Update
During the next week, Tamarack will be completing its largest ever Viking oil drilling program almost one full quarter ahead of expectations. In all, 13 (12.2 net) Viking oil wells have been drilled with the remaining 3 (1.8 net) wells expected to conclude drilling operations within the next 7 days. Currently 7 (6.7 net) wells are on production with the remaining 9 (7.3 net) wells expected to be placed on production by the end of the second quarter. Three of the wells drilled were 1-mile horizontal wells.
Tamarack is also very encouraged with this program's early production results. Based on results to date, Tamarack expects to achieve approximately 40-50% higher rates on average per well during the first 120 days of production than was originally budgeted. Some of this benefit is a result of including production from the three 1-mile wells, the improvements to the fracture stimulation design and the higher rock quality that the Company had focused this drilling program on.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to long-term growth and the increased identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. Tamarack's strategic direction is focused on two key principles - targeting resource plays that provide long-life reserves, and using a rigorous, proven modeling process to carefully manage risk and identify opportunities. The Company recently expanded its inventory of low-risk development oil locations in the Redwater Viking play through the acquisition of Sure Energy Inc. Continuing to build on its sustainable growth platform; Tamarack also increased its low-risk development locations within the Cardium fairway in the greater Pembina area, through a farm-in agreement with an industry major. These endeavors add to Tamarack's strong resource portfolio, including Cardium properties at Lochend, Garrington and Buck Lake and heavy oil properties in Saskatchewan. With a balanced portfolio, and an experienced and committed management team, Tamarack intends to continue to deliver on its promise to increase its production and maximize shareholder return.
bbl barrel bbls/d barrels per day boe/d barrels of oil equivalent per day mcf thousand cubic feet mcf/d thousand cubic feet per day
Unit Cost Calculation
For the purpose of calculating unit costs, natural gas volumes have been converted to a barrel of oil equivalent ("boe") using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with Canadian Securities Regulators' National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Boe's may be misleading, particularly if used in isolation.
Forward Looking Information
This press release contains certain forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "potential", "intend", "objective", "continuous", "ongoing", "encouraging", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. More particularly, this press release contains statements concerning Tamarack's planned future drilling plans and operations, anticipated future completion operations, anticipated future production and expectations as to improved future capital efficiencies. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Tamarack relating to prevailing commodity prices, the availability of drilling rigs and other oilfield services, the timing of past operations and activities in the planned areas of focus, the drilling, fracture stimulation, completion and tie-in of wells being completed as planned, the performance of new and existing wells, the application of existing drilling and fracturing techniques, surface access to wells, weather conditions, the continued availability of capital and skilled personnel, the ability to maintain or grow the banking facilities and the accuracy of Tamarack's geological interpretation of its drilling and land opportunities. Although management considers these assumptions to be reasonable based on information currently available to it, undue reliance should not be placed on the forward-looking statements because Tamarack can give no assurances that they may prove to be correct.
By their very nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures); commodity prices; the uncertainty of estimates and projections relating to production, cash generation, costs and expenses; health, safety, litigation and environmental risks; and access to capital. Due to the nature of the oil and natural gas industry, drilling plans and operational activities may be delayed or modified to react to market conditions, results of past operations, regulatory approvals or availability of services causing results to be delayed. Please refer to Tamarack's revised Annual Information Form ("AIF") dated March 13, 2014 for additional risk factors relating to Tamarack. The AIF is available for viewing under the Company's profile on www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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.
President & CEO
Tamarack Valley Energy Ltd.
VP Finance & CFO
Tamarack Valley Energy Ltd.
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Sep. 30, 2016 05:45 PM EDT Reads: 1,367
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Sep. 30, 2016 05:30 PM EDT Reads: 685
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Sep. 30, 2016 04:45 PM EDT Reads: 5,301
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Sep. 30, 2016 04:45 PM EDT Reads: 2,002
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Sep. 30, 2016 04:30 PM EDT Reads: 732
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Sep. 30, 2016 04:30 PM EDT Reads: 388
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Sep. 30, 2016 04:30 PM EDT Reads: 1,823
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 30, 2016 04:00 PM EDT Reads: 3,587
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Sep. 30, 2016 03:45 PM EDT Reads: 3,658
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Sep. 30, 2016 03:30 PM EDT Reads: 378
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Sep. 30, 2016 03:00 PM EDT Reads: 3,672
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
Sep. 30, 2016 03:00 PM EDT Reads: 1,247
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 30, 2016 03:00 PM EDT Reads: 3,015
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Sep. 30, 2016 03:00 PM EDT Reads: 1,655
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Sep. 30, 2016 03:00 PM EDT Reads: 568