Company”)) (TSX-V: PFC) is pleased to announce that it has successfully completed the
drilling of the first three wells that are part of the next phase of its development program in the
Cold Lake area of Alberta. These three wells consist of two horizontal wells and one slant well.
In the first horizontal well (PFC HZ 109 BEAVRDM 13-15-61-02 W4), a 774 metre horizontal
leg was drilled targeting the Sparky zone. The well has been completed, equipped and put on
production.
In the second horizontal well (PFC HZ 106 BEAVRDM 14-15-61-02 W4), an 809 metre
horizontal leg was drilled targeting the Rex zone. The well has been completed, equipped and put on production.
The slant well (PFC 5B COLDLK 5-31-63-02 W4) was drilled to 608 meters to the base of the
Mannville, following which production casing was run. The well is expected to be completed,
equipped and put on production shortly.
The cost of these three wells (with the 5-31 well yet to be completed and equipped) was
approximately $1.7 mm.
During drilling operations, the target zones in each of these three wells displayed excellent
reservoir quality based on open hole logs and significant oil shows. Furthermore, additional
prospective oil zones were encountered in each of the three wells, which could be developed in
the future.
Production rates for these three wells are expected to be released after rates stabilize following
the initial phase of clean-up (estimated to be 30 - 60 days after being put on production).
These recently drilled wells are important in establishing additions to PetroFrontier’s proved and proved plus probable oil reserves in the Cold Lake area, previously estimated at 2,821 Mbbls and 6,015 Mbbls of oil respectively, as evaluated by DeGolyer and MacNaughton Canada Limited in the Company’s reserve report dated effective December 31, 2015 and filed on SEDAR.