CALGARY, Alberta, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Vital Energy Inc. (“Vital” or the “Corporation”) announces:
The recent Gull Lake Area, S.W. Saskatchewan Project with vertical wells located at 2-29-13-19W3M, 6-29-13-19 W3M and 1-29-13-19 W3M have all been drilled and two (2) are on production. Both wells are producing medium gravity oil from the Upper Shaunavon formation. Stabilized production rate for the 2-29 is approximately 100 barrels of oil per day with a 2% water cut and is producing under the Good Production Practices (GPP). The 1-29 well has been producing for less than 30 days but is currently producing at a rate in excess of 100 barrels of oil per day with approximately 20% water cut. GPP for the 1-29 well will be applied for in due course. The 6-29 well is cased and is being evaluated. Vital is applying for a license to drill a well at 3-29-13-19W3M. The 3-29 well is planned to commence drilling in November 2018. Vital is the Operator of all of the wells and has a 50% working interest in the 1-29 and 2-29 wells and an 85.335% working interest in the 6-29 and 3-29 wells.
As previously reported, the Pennant Area, S.W. Saskatchewan Project horizontal test well, with Cerus Energy Corp. (“CEA” TSXV) as a partner, located in 14-15-18-17W3M has been drilled, completed and placed on production. The well is currently producing at a rate of approximately 270 barrels of fluid per day with an approximate 94% water cut. The oil being produced is medium gravity from the Upper Shaunavon formation. As previously reported the 15-20-18-17W3M horizontal well, owned 100% by Vital, has been drilled and is awaiting frac and completion. It is anticipated that the 15-20 well will be completed by year-end 2018. Pending the results of the 15-20 completion, Vital may drill additional horizontal wells on the Pennant Area project lands.
Vital is the Operator of the Pennant Area project and other than the drilling spacing unit (D.S.U.) for the Vital/Cerus well located in Lsd.14 of Section 15-18-17W3M, Vital owns a 100% working interest in 8,960 gross and net contiguous acres
Vital also announces that it has obtained a well license to drill a horizontal well in 16-36-33-14W4M in the Sullivan Lake Area, Central Alberta. The 16-36 well will be drilled in November 2018 to evaluate the light oil potential from the Ellerslie formation. Vital is the Operator and owns 100% of the Sullivan Lake project lands, which consist of 1,920 gross and net acres.
Vital Energy Inc. is a publicly traded junior oil and gas company (“VUX” TSXV) whose primary focus is light and medium crude oil production in Western Canada. Website: www.vitalenergyoil.com
For further information please contact
Jeff Standen, Vice President, Business Development
Tel: (403) 615-5827
Fax: (403) 699-6990
Email: jstanden@vitalenergyoil.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sundance. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. 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 news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Sundance 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 Canadian securities law.