WesCan Energy Announces Production of New Well at Provost
Calgary, Alberta--(Newsfile Corp. - November 22, 2022) - WesCan Energy Corp. (TSXV: WCE) ("WesCan" or the "Company") is pleased to announce that it has completed the equipping and tie-in of its recently drilled well, (the "well") at Provost, Alberta.
On September 15, 2022, the Company announced that drilling had commenced and the new well spudded on September 13, 2022. The vertical section was completed to a depth of approximately 490 meters and the build section of the well was drilled, cased and completed.
On October 5, 2022, the Company announced that it was proceeding with the completion and tie-in of the well through its wholly owned infrastructure and production facility. The well was subsequently placed on production on October 28, 2022 upon the Company's completion of its extensive field turn-around program pursuant to the regulatory maintenance requirements of the Alberta Boilers Safety Association, ("ABSA"). The turn-around was conducted over a period of 10 days while the well was being completed for production. During this time, the Company experienced certain operational delays as a result of various service providers, equipment and materials not being readily available. An alternative source of power was also achieved at a considerably reduced cost to sustain power to the new well.
The well has been cleaning-up as expected, with the recovery of drilling fluids that were used during the drilling phase prior to receiving any productive hydrocarbons from the well. This process continues to-date, however, the well is now producing higher volumes of oil with noticeably lower traces of drilling fluids with minimal water cuts. The well continues to be monitored as the well has been subject to a few operational issues at the battery as the treater was experiencing high volumes of oil during its initial stages of production. Such issues have now been resolved and the stroke rate of the pumpjack was reduced to provide a more stabilized flow rate. As the well continues to gradually increase its flow of oil production, the well is being monitored daily as the Company expects to increase the stroke rate to establish the overall potential and capability of the well. The Company is also conducting periodic fluid level shots to further optimize the performance of the well and to evaluate the Company's type well curve expectations.
Further updates will be announced as the data from the well becomes available over the next 30 days which will provide a more defined and consecutive flow rate of oil production. All updates and press releases are available on the Company's website at www.wescanenergycorp.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg T. Busby, President & CEO
WESCAN ENERGY CORP.
Tel: (403) 265-9464
John H. Cassels, CFO
WESCAN ENERGY CORP.
Tel: (403) 265-9464
TSX Venture: WCE
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 NEWS RELEASE.
Disclaimer for Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the drilling of the well and the timing of obtaining results therefrom. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the drilling program discussed herein may not have the anticipated results. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as otherwise required by law.
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