Dixonville should be about 75% to 85% back on-line.......just in time for the next company event...Q2/14 results....the past has past....forward thinking is needed now in my opinion...surprise? I suppose "people" on the ground at Dixonville would know the situation better than most....but would they 'trade" on such knowledge before company announcements? Something to ponder this wknd...and a head-ups for those who believe that company information can be traded upon without consequences.....I liked the news released this week about the Hathor(HAT.TO) consultant who was charged with insider trading....trading patterns can be found it seems! GLTA shareholders.
Calgary, Alberta – June 29, 2014. Spyglass Resources Corp. (“Spyglass”, or the "Company") (TSX: SGL,
OTCQX: SGLRF) announces that it has restarted production from the Dixonville field after a pipeline
incident and provides a drilling update including details on the Company’s recent tie-in of a light oil well
at Cessford in southern Alberta, the completion and tie-in of a natural gas well in the Cadomin at Noel
and the Halkirk-Provost ten well drilling program.
Dixonville Incident Update
Effective immediately the Alberta Energy Regulator (AER) has rescinded the shut in order for the
Dixonville field and Spyglass has restarted approximately 28 percent (800 bbl/d) of oil production.
Additional production will be restored as pipeline inspection and remediation continues.
In early May the company began conducting in-line inspections of the Dixonville gathering system. The
recent pipeline incident occurred on a pipeline that was scheduled for inspection within the next two
months. As a result of this incident, Spyglass will only restart portions of the gathering system that have
passed inspection or where remediation work has been completed. Based on the current work schedule
the field is expected to return to approximately 75 percent of capacity within the next three weeks.
Complete inspection and remediation of the gathering system is expected to take 10 to 12 weeks at
which time the field will return to its full capability.
The reduction in Dixonville production as a result of pipeline incidents and ongoing integrity work is
expected to impact the cash flow of the company by approximately $6.5 million divided between the
second and third quarters.
Drilling Update
In mid-April, Spyglass commenced drilling a horizontal Cadomin natural gas well at Noel. The well was
completed earlier than anticipated, beginning post frac flow-back in late June. The current flow rate
into the pipeline from the well is over 1,000 boe/d of natural gas. The Company has an extensive drilling
inventory at Noel, with over 85 follow up Cadomin horizontal locations identified.
Spyglass previously announced the successful completion of 1 (1.0 net) Glauconite light oil well at
Cessford with 24-hour test rates in excess of 1,000 boe/d (65 percent liquids). Given these test rates,
facilities are currently being upgraded to accommodate the production...
.....https://www.sedar.com