TriOil Resources Provides Operational Update
09 Octubre 2012 - 1:21PM
PR Newswire (Canada)
CALGARY, Oct. 9, 2012 /CNW/ - TriOil Resources Ltd. is pleased to
provide a third quarter operational update. Production and 2012
Guidance Current production based on field estimates exceeds 2,500
boe/d (80% oil and NGL's). The Company's current productive
capability (current production plus completed wells in the process
of being brought on stream) exceeds 2,900 boe/d (80% oil and
NGL's), with an additional 3 (1.9 net) wells waiting on completion
and 5 (3.4) net additional wells planned in the fourth quarter.
TriOil remains on track to meet its 2012 exit production target of
3,400-3,600 boe/d (80% oil and NGL's). Drilling results have met or
exceeded expectations, however, unseasonably wet field conditions
at Kaybob during the first half of the third quarter coupled with
off-line production at Lochend due to pipeline installation
activity and the start-up of the TriOil operated Lochend gas plant
expansion have resulted in slightly lower than anticipated third
quarter average production. As a result, we expect 2012 annual
average production at the lower end of the Company's 2,300-2,500
boe/d forecast. Lochend Cardium Operations The Company's Lochend
Cardium program continues to deliver strong results and steadily
improving capital efficiencies. To date TriOil has implemented 11
slick water stimulations in the Central/Western Cardium trend with
an average IP30 of 328 boe/d (80% oil). TriOil continues to
optimize drilling techniques and completion designs. Our last 7
horizontal wells have all been drilled monobore with invert mud
systems. Drilling times have been reduced by an average of 4 days.
TriOil recently implemented hybrid fracs on 2 Lochend area wells
with encouraging early results and plan to apply these modified
frac designs to future development drilling operations within the
pool. TriOil successfully participated in the drilling of the first
long-reach horizontal oil well (over 2,800 meters open in the
Cardium "A") in the Lochend region (TOL 50%) and completed the well
with a 40 stage hybrid frac during the third quarter. After
milling out the ball seats/sand blockages in the heel of the
wellbore the well tested at an average of approximately 730 boe/d
(630 bopd) over an 8 day production test period. The operator plans
to bring the well on production in late October and produce the
well for a few months to determine productivity from the milled out
heel section of the horizontal leg, prior to drilling out the toe
section and bringing the entire wellbore on production. We
are encouraged by the early results of this well and plan to drill
2 additional long-reach horizontal wells in the first half of 2013.
With the effective utilization of multi-well pads, monobore
drilling technologies, hybrid frac designs and long reach
horizontals at Lochend, we expect that production rates, recoveries
and capital efficiencies will continue to improve. In the third
quarter of this year, TriOil drilled 4 (2.4 net) horizontal oil
wells at Lochend and successfully completed all 4 wells. Three (2.0
net) of these wells were drilled on the higher productivity
Central/Western Lochend Cardium trend and 1 (0.4 net) well was
drilled on the Eastern Lochend Cardium trend. The first well
(TriOil 50%) averaged 275 boe/d (80% oil) over its initial 30
calendar days of production and is currently producing at 330 boe/d
(60% oil) in its second month. The second well (TriOil 40%) was
completed with a hybrid frac and is the best well drilled to date
on the Eastern Lochend Cardium trend, averaging 250 boe/d (96% oil)
over its initial 23 calendar days of production. The remaining 2
(1.5 net) wells, including our first long-reach horizontal oil
well, are both located in Central/Western Lochend and are expected
to commence production late October. TriOil plans to drill 2(1.2
net) additional horizontal oil wells at Lochend in the fourth
quarter of this year. TriOil acquired an additional 14 sections of
Crown land on the Central/Western Lochend trend at a recent Alberta
land sale, increasing our land position 96 (70 net) sections on the
Lochend Cardium light oil resource play. Our current Lochend
drilling inventory stands at 150 (97 net) horizontal development
locations, which does not include any locations on the newly
acquired Southern Lochend landblock. There is potential to
add an additional 80 net locations to our drilling inventory with
successful step-out drilling along the Cardium trend. We recently
completed a 15 mmcf/d expansion of the TriOil Lochend gas plant
(TOL operated; TOL 51%) to 20 mmcf/d and expect to commission the
new facilities in mid-October. The expanded facilities will
allow a number of shut-in or constrained Cardium wells to come on
stream and will accommodate TriOil and industry Cardium gas volumes
at Lochend for the foreseeable future. We also expect that the new
facilities will improve our NGL recoveries and drive lower
operating costs for TriOil. Kaybob Operational Update The Kaybob
Dunvegan light oil play has contributed significant new production
and reserves since TriOil's first well on the play in late 2011.
Our first 10 horizontal Dunvegan oil wells have delivered average
IP30 rates of 318 boe/d (80% oil and NGL's), and we are pleased to
announce the most recent well (TOL 25%) achieved an IP30 of 326
boe/d (60% oil) during the third quarter. Although field activities
were hampered by unseasonably heavy rainfall in July and August,
TriOil has been very active in the field over the last few months.
We recently brought 3 (2.1 net) oil wells on production and have 4
(2.9 net) wells waiting on completion/production operations. TriOil
plans to drill 2 (1.5 net) additional horizontal oil wells at
Kaybob in the fourth quarter of this year. Recent Financing and
2012 Capital Program TriOil closed a $28 million bought deal
financing on October 4, 2012, issuing 7,845,000 common shares at a
price of $2.55 per share and 2,917,288 flow-through common shares
at a price of $3.00 per share. Our 2012 Capital Budget has been
increased by $17.5 million to $117.5 million to provide for the
recent South Lochend land acquisition. Crude Oil Hedging TriOil
maintains an active crude oil hedging program in order to stabilize
average realized sales prices and protect the Company's forecast
cash flow and planned capital program. During the third quarter we
layered in additional Canadian dollar denominated fixed priced oil
swaps for 2012 and 2013. In aggregate, the Company has now hedged
900 bbls/d of crude oil with a fixed weighted average price of
$97.94 Canadian per bbl for 2012 and 800 bbls/d of crude oil with a
fixed weighted average price of $101.93 Canadian per bbl for 2013.
Outlook With a growing cash flow and production base as we near our
3,500 boe/d 2012 exit target, a very healthy balance sheet, a
significant drilling inventory and operational presence in two high
netback light oil resource plays, evolving technical improvements
to our drilling and completion programs, steadily improving capital
efficiencies and decreasing operating costs, TriOil has established
a strong growth platform for 2013 and beyond. TriOil is a Calgary,
Alberta based company engaged in the exploration, development and
production of petroleum and natural gas. TriOil has approximately
64.0 million common shares issued and outstanding (70.1 million
fully diluted). The common shares of TriOil trade on the TSX
Venture Exchange under the symbol TOL. Forward Looking Statements
This news release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "believe", "plans",
"intends", "confident", "may", "objective", "ongoing", "will",
"should", "project", and similar expressions are intended to
identify forward-looking information. More particularly, this
document contains forward looking statements which include, but are
not limited to, expected future drilling and completion plans,
expected production and reserves growth, expectations about the
Company's 2012 capital program and the future operations of TriOil.
The forward-looking statements contained in this document are based
on certain key expectations and assumptions made by TriOil,
including with respect to the anticipated exploration and
development opportunities and the outlook for the fiscal year
ending December 31, 2012, expectations and assumptions concerning
the success of future exploration and development activities,
production guidance, the performance of new wells, prevailing
commodity prices and the availability of additional capital if and
when required by the Corporation. Any references in this news
release to initial and/or final raw test or production rates and/or
"flush" production rates or 30, 60 and 90 day production rates are
useful in confirming the presence of hydrocarbons, however, such
rates are not determinative of the rates at which such wells will
continue production and decline thereafter. Additionally, such
rates may also include recovered "load oil" fluids used in well
completion stimulation. While encouraging, readers are cautioned
not to place reliance on such rates in calculating the aggregate
production for the Company. Although TriOil believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because TriOil can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. Certain of these risks are set
out in more detail in TriOil's Annual Information Form which has
been filed on SEDAR and can be accessed at www.sedar.com and
TriOil's other public disclosure documents which have been filed on
SEDAR and can be accessed at www.sedar.com. The forward-looking
statements contained in this press release are made as of the date
hereof and TriOil undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws. Meaning of BOE Disclosure
provided herein in respect of barrels of oil equivalent ("boe") may
be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Given that
the value ratio based on the current price of crude oil as compared
to natural gas is significantly different from the energy
equivalency of 6Mcf:1Bbl, utilizing a conversion on a 6Mcf:1Bbl
basis may be misleading as an indication of value. NEITHER THE 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. TriOil
Resources Ltd. CONTACT: Russell J. Tripp, President & CEO,
TriOil Resources Ltd.; CheryneLowe,VP Finance & CFO, TriOil
Resources Ltd.; Andrew Wiacek, VP Exploration,TriOil Resources
Ltd.; Corporate Phone: (403) 265-4115
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