Crown Point Provides Operational Update on the Completion of the La Hoyada x-1 Exploration Well
24 Junio 2014 - 5:00AM
Marketwired
Crown Point Provides Operational Update on the Completion of the La
Hoyada x-1 Exploration Well
CALGARY, ALBERTA--(Marketwired - Jun 24, 2014) - Crown Point
Energy Inc. ("Crown Point" or the "Company") (TSX-VENTURE:CWV)
advises that it has suspended completion and evaluation operations
on the La Hoyada x-1 well for the duration of the Argentine winter.
Crown Point plans to return to the well after winter to install
pumping equipment and conduct a long term production test.
Seven Vaca Muerta igneous intrusives totaling 51 metres in
thickness were perforated and tested. The 7 intervals, after
perforating, swab tested stabilized fluid rates of (in order from
bottom to top): 1.5 bbls/day formation water with oil shows and
emulsion; 4.5 bbls/day formation water with oil shows and emulsion;
12 bbls/day formation water with 14% oil and gas shows; dry; 73
bbls/day formation water and some gas; and the last two were
swabbed together testing a stabilized rate of 226 bbls/day of
formation water with no oil or gas shows.
After initial testing, the lowest 4 igneous intrusives were
individually isolated and acid squeezed to stimulate the near well
bore fracture system and retested in pairs. After recovering load
water and spent acid, stabilized swab rates showed no significant
improvement. The bottom pair swab tested a combined stabilized rate
of 13.3 bbls/ day of formation water with a 30% oil cut, abundant
emulsion and some gas. The upper pair swab tested a combined
stabilized rate of 37 bbls/day of formation water with 6% oil,
emulsion and natural gas.
Emulsion blockage was suspected to be affecting formation fluid
inflow to the well so the four lower intrusives were then treated
individually with de-emulsifying chemicals and retested. In
general, stabilized swab rates improved substantially and were
mostly formation water with oil shows. From bottom to top,
respectively, stabilized swab rates, after recovering load and
treatment volumes, were: 362 bbls/day formation water with oil
shows; 350 bbls/day formation water with no oil or gas shows; 51
bbls/day formation water with 5% oil cut; and 6.6 bbls/day
formation water with oil shows. The seven intrusives were then swab
tested together with a stabilized combined swab rate of 90 bbls/day
of formation water with oil shows.
The Company believes that emulsion blockage continues to be a
problem and plans to return to the well after the Argentine winter
to install pumping equipment and conduct a long term production
test. Production experience in the area suggests that with
continuous pumping oil production rates and volumes may improve as
the effects of the emulsion blockages lessen.
Crown Point has not yet received full results from the
laboratory work being carried out on the drilling samples retrieved
from the penetrated Vaca Muerta shale in the La Hoyada well.
However preliminary analysis indicates that the Vaca Muerta shales
in the La Hoyada well have a total organic content ranging between
2-3%.
Tests were also conducted on a deeper interval in the PreCuyo
Formation and on two shallower intervals in the Chachao and Agrio
Formations respectively. All of these intervals tested dry with no
fluid entry.
About Crown Point
Crown Point Energy Inc. is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated in Canada, trading on the TSX Venture Exchange
and operating in South America. Crown Point's exploration and
development activities are focused in the, Neuquén, Austral and
Golfo San Jorge basins in Argentina. Crown Point has a strategy
that focuses on establishing a portfolio of producing properties,
plus production enhancement and exploration opportunities to
provide a basis for future growth.
Forward-Looking
Information Advisory
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements") within the meaning of the "safe
harbour" provisions of applicable securities legislation.
Forward-looking statements are typically identified by words that
suggest future events or future performance. All statement other
than statements of historical fact may be forward-looking
statements. In particular, this document contains, without
limitation, forward-looking statements pertaining to: the Company's
plans to return to the La Hoyada x-1 well after the Argentine
winter to install pumping equipment and conduct a long term
production test; and our belief that production history in the area
suggests that with continuous pumping oil rates and volumes may
improve as the effects of the emulsion blockages lessen. With
respect to forward-looking statements contained in this document,
we have made assumptions regarding, among other things: the general
stability of the economic and political environment in which the
Company operates; drilling results; the ability of the Company to
obtain financing on acceptable terms when and if needed; field
production rates and decline rates; and the timing and costs of
pipeline, storage and facility construction and expansion and the
ability of the Company to secure adequate product
transportation.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause our actual performance and financial results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. These risks and uncertainties
include, among other things: risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation; risks associated with operating in Argentina;
ability to access sufficient capital from internal and external
sources; economic or industry condition changes; and other factors
described under "Risk Factors" in our Annual Information Form and
described in our other public filings available at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive. The forward-looking statements contained
in this document speak only as of the date of this document. Except
as expressly required by applicable securities laws, we do not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
Analogous
Information
Certain information contained herein is considered "analogous
information" as defined in National Instrument 51-101 ("NI
51-101"), including the production history in the area around Crown
Point's La Hoyada x-1 well. Such analogous information has not been
prepared in accordance with NI 51-101 and the Canadian Oil and Gas
Evaluation Handbook and Crown Point is unable to confirm whether
such information has been prepared by a qualified reserves
evaluator. Such information is not intended to be a projection of
future results. Such information is based on independent public
data and public information received from other producers and Crown
Point has no way of verifying the accuracy of such information.
Such information has been presented to help demonstrate the basis
for Crown Point's business plans and strategies. There is no
certainty that such results will be achieved by Crown Point and
such information should not be construed as an estimate of future
reserves or resources or future production levels.
Production Test
Rates
References in this press release to swab test rates are useful
in confirming whether hydrocarbons are present, however such rates
are not determinative of the rates at which such wells will
commence production and decline thereafter and are not indicative
of long term performance or of ultimate recovery. Readers are
cautioned not to place reliance on such rates in calculating the
aggregate production for the Company.
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 news release.
Crown Point Energy Inc.Murray McCartneyPresident & CEO(403)
232-1150mmccartney@crownpointenergy.comCrown Point Energy
Inc.Arthur J.G. MaddenVice-President & CFO(403)
232-1150amadden@crownpointenergy.comCrown Point Energy Inc.Brian J.
MossExecutive Vice-President & COO(403) 232-1150(403)
232-1158bmoss@crownpointenergy.comwww.crownpointenergy.com
Crown Point Energy (TSXV:CWV)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Crown Point Energy (TSXV:CWV)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024