WesCan Energy Announces Production Update of New Well at Provost
Calgary, Alberta--(Newsfile Corp. - January 19, 2023) - WesCan Energy Corp. (TSXV: WCE) ("WesCan" or the "Company") is providing an update to its recently drilled well at Provost, Alberta as the Company has established a more reliable and stabilized flow rate since the well was placed on production on October 28, 2022.
As previously announced on November 22, 2022, the well experienced certain operational delays during the initial stages of production together with the extreme weather conditions that were realized during the month of December. Such delays made it difficult to evaluate and determine the overall performance of the well with any degree of accuracy. Both the operational and mechanical issues experienced over this time period have been resolved.
From the initial production date of October 28, 2022 to December 31, 2022, the well produced approximately 1900 barrels of oil in addition to approximately 4600 mcf (766.67 Boe) of associated gas. The well, however, was down periodically during the month of December due to extreme winter weather conditions. To-date, the well appears to be stabilizing over the last 20 days with uninterrupted run-time. Over this time period, the well is continuing to produce approximately 50 barrels of oil per day with approximately 195 mcf (32.5 Boepd) of associated gas. Total fluids produced from the well is approximately 200 barrels per day. Recent samples taken from the wellhead indicate an approximate 70-75% water cut. The additional fluids coming from the well are handled through the Company's 100% owned facility which represents only 15% of the total handling capacity at this facility.
The Company also conducted an internal evaluation of the drilling program together with our drilling consultants that were on-site from spud date through to rig release date. Management further reviewed all the strip logs of each multi-lateral leg relative to the directional surveys of each leg, as well as the various samples indicating positive oil staining throughout the several stages of drilling, all of which have supported an oil bearing reservoir. Such findings indicated an overall successful drilling operation that will provide valuable geological data in support of the Company's ongoing preliminary work for a second multi-leg horizontal drilling location.
This news release as well as all future releases will be 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.
The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil."
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