PRD Energy Announces Operational Update
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 07/30/13 -- PRD Energy Inc. ("PRD" or the "Company") (TSX VENTURE: PRD) is pleased to provide an operational update.
Boerger 7A Well Developments
PRD has completed site preparation for the drilling of the Boerger 7A well with the use of a service rig. Using a service rig, rather than a drilling rig as is customary in the local oil & gas industry, is consistent with the Company's strategy of implementing continuous cost improvement in the basin.
Mobilization of the drilling rig is well underway and PRD expects to begin drilling on August 2 or 3, 2013. Drilling will start from a depth of 680 meters and continue to a total vertical depth of approximately 1,800 meters with a 300 meter horizontal leg. Drilling is expected to be completed in August. Depending on drilling results, the Company expects to announce short-term production test results in mid-to-late September. The well is anticipated to cost approximately CAD$4.0 million to drill and complete (excluding facilities costs).
Upon establishing production, the Company will have satisfied its obligations to earn a 50% working interest in the Boerger Oil Pool under the terms of its arrangements with GDF Suez E&P Deutschland GmbH.
The Company is currently interpreting the 3D seismic data recently shot and processed over the Boerger Pool. PRD expects to evaluate additional future drilling locations in the Boerger Pool once it has completed its seismic analysis and obtained well logging and production results from the Boerger 7A well.
The Company does not intend to issue any further updates on the Boerger 7A well operations until the decision to production test has been made and the results of those tests have been released.
Volkensen Developments
The Company has applied for drilling permits over its Volkensen oil pool in Lower Saxony, Germany and expects to receive these permits during the fourth quarter of 2013 whereafter it will commence field activities in preparation for drilling. The Company is currently contemplating a four well drilling pad on Volkensen in order to minimize surface impact on the local community, dramatically shorten the licencing approval process on subsequent wells and further improve drilling and completion costs. Additional well locations on Volkensen will be considered depending on drilling results and additional data analysis.
Other Licence Developments
The Company continues to evaluate its other 2.0 million net acres of land holdings in Germany for additional development opportunities which it expects to commence in early 2014. The Company is targeting conventional high permeability oil zones which it believes will be productive and economic without the use of fracture stimulation techniques.
About PRD Energy
PRD Energy Inc. is a Calgary based oil and gas company engaged in the exploration, development and acquisition of, natural gas and crude oil, in Germany. All activities of the Company in Germany are undertaken by its wholly-owned subsidiary, PRD Energy GmbH. PRD's common shares are listed on the TSX Venture Exchange with the symbol "PRD".
Forward looking information
This news release contains forward-looking information relating to commencement and completion of drilling and testing activities, drilling depths, estimated costs of drilling and completing, evaluating additional future drilling locations in the Boerger Pool, receipt of permits and other government approvals, expected drilling programs for the Company's Volkensen licence and other licences and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the general stability of the economic and political environments in which the Company operates or owns interests; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability to operate in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with instability of the economic and political environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, the inability to settle the definitive terms of the farmout arrangements, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
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.
Contacts:
PRD Energy Inc.
Michael Greenwood
Chairman and Chief Executive Officer
(403) 234-0501
(403) 234-0511 (FAX)
PRD Energy Inc.
Mark Hornett
President and Chief Operating Officer
(403) 234-0501
(403) 234-0511 (FAX)
PRD Energy Inc.
Jeff Scott
Vice President Finance and Chief Financial Officer
(403) 234-0501
(403) 234-0511 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 30.07.2013 - 10:30 Uhr
Sprache: Deutsch
News-ID 282809
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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