CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE:VUX) announces:
The recent Gull Lake Area, S.W. Saskatchewan Project vertical development wells located at 4-5-14-19 W3M and 15-32-13-19 W3M have both been on production for over 30 days. Both wells are producing medium gravity oil from the Roseray formation. Stabilized production rates from the wells are approximately 100 barrels of oil per day.
Vital announces that 11-32-13-19 W3M vertical test well that was targeting oil production from the Roseray, Cantuar and Upper Shaunavon formations has been drilled and cased to a total depth. The 11-32 well results and information will be further evaluated and a completion program will commence in January 2015.
An injectivity test has been completed and has concluded that the well located in 6-5-14-19 W3M will be converted into a water injection well. The injectivity test has yielded encouraging results and Vital and its partners are currently awaiting final governmental approvals to begin water injection into the 6-5 well in early 2015.
Vital is the Operator of the Gull Lake Area development project and maintains a 50% interest.
The initial Pennant Area, S.W. Saskatchewan Project vertical test well, located at 1-15 -18-17 W3M has been drilled, completed and recently placed on production of medium gravity oil from the Upper Shaunavon formation. Once the 1-15 discovery well has been on production for over 30 days the Corporation will announce the stabilized production rate. The encouraging results from the 1-15 vertical well has lead the Corporation to license 2 horizontal wells on the Pennant Area program lands. Located at 2A8-15-3A2-15-18-17 W3M and 3D1-15-2D9-15-18-17 W3M, these wells will commence drilling in January 2015.
Vital is the Operator of the Pennant Area development project and owns a 100% interest.
Vital also announces that it has entered into a farmout agreement with a third party operator in the Panny Area, N.E. Alberta. Under the terms of the farmout agreement the third party operator will drill a Test Well, at its sole cost, risk and expense, to evaluate the light oil potential from the Keg River formation on Vital's lands. Upon completion and tie-in of the Test Well, or abandonment, the third party operator will earn 70% of Vitals interests in the Panny Area lands. The Test Well is scheduled to commence drilling by the end of February 2015.
Vital Energy Inc. is a publicly traded junior oil and gas company ("VUX" TSXV) whose primary focus is developing light and medium crude oil production in Western Canada.
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.