DEE Press release from Marketwire
Delphi Energy Reports Tests Results From Third Montney Well at Bigstone East
Monday, July 30, 2012
CALGARY, ALBERTA--(Marketwire - July 30, 2012) - Delphi Energy Corp. (TSX:DEE) ("Delphi" or the "Company") is pleased to provide the following operations update.
At Bigstone East, Delphi has successfully completed its third Montney well (1.0 net) with a surface location of 5-14-60-23 W5M involving a 20 stage oil-based fracturing program. This is the second well from this surface location, however, this well's horizontal lateral was drilled to the north versus the south. The well has been brought on production through the Company's 100 percent owned compression and dehydration facility and pipeline infrastructure. Subsequent to completion and fracturing operations, the well was flow tested at an average rate of 16.0 million cubic feet per day ("mmcf/d") at a flowing pressure of 6,170 kPa over the final 24 hours of the initial four day flow period. The well was also producing approximately 800 barrels per day ("bbls/d") or 50 bbls/mmcf of free condensate at the end of the test, although 100 percent of the load fluid hadn't been recovered (load oil recovery stands at 72 percent after the four day flow period).
For comparison purposes and as previously reported, the Company's first Montney horizontal well at Bigstone East (1.0 net) with a surface location of 1-19-60-22 W5M, was successfully completed and flow tested at an average rate of 12.5 mmcf/d at a flowing pressure of 2,000 kPa over the final 24 hours of the four day flow period. The well was also producing approximately 770 bbls/d or 62 bbls/mmcf of free condensate at the end of the test, although 100 percent of the load fluid had not been recovered.
The second Bigstone East Montney 4-2-60-23 W5M well (0.75 net), with its surface located at 5-14-60-23 W5M, three miles (five kilometres) south west of Delphi's first Montney well, was flow tested at an average restricted rate of 10.3 mmcf/d over the final 24 hours of the four day flow period at a flowing pressure of 6,000 kPa. The well was also producing approximately 515 bbls/d or 50 bbls/mmcf of free condensate at the end of the test, although 100 percent of the load fluid hadn't been recovered.
Shallow-cut plant recoveries of natural gas liquids ("NGL's") at Bigstone East are expected to yield an additional 30 to 35 bbls/mmcf from the Montney gas production.
Delphi's three extended reach horizontal wells and existing vertical well tests have efficiently evaluated eight sections of land and with competitor drilling activity all around the Company's 18 gross (14.75 net) sections, the remaining 30 net Montney horizontal locations identified at Bigstone East have been largely de-risked. The Company had only 1.7 net Montney drilling locations booked at Bigstone East in the GLJ independent engineering report at December 31, 2011 with associated proved and probable reserves of approximately 2.0 million boe.