Donnycreek Energy (TSX-V:DCK, StockForum), a Calgary-based oil and gas exploration firm with properties in the Deep Basin, West Central Alberta, announced results today from the company's eighth Kakwa horizontal Montney well drilled into the upper Montney interval in which the company has 50% working interest.
According to the news release, the 02/14-30 well reached a total depth of approximately 4,563 metres with a horizontal leg of approximately 1,068 metres and was tested for 119 hours flowing up 4.5 inch casing.
During the last 24 hours of flow-back the well continued to clean up frac fluid and produced against expected gathering system pressure of approximately 1,800 kPa and averaged gross production rates of approximately 1,076 boe/d consisting of 621 bbl/d of condensate and 2,734 mscf/d of natural gas.
The release went on to note that final equipping of the well and onsite facilities will commence immediately to provide for tie-in production from the well into Donnycreek-owned infrastructure with the anticipation that the well will be ready for production by May 2014.
The company wanted to warn investors that although the test results showed promise, they are not necessarily indicative of long-term performance or of ultimate recovery at the well.
Donnycreek was in the news recently when the company dipped 13% after reporting $0.45 mil Q2 2014 net income.
Shares rose 4.21% on the news to $1.98 per share.
Currently there are 51.3m outstanding shares with a market cap of $101.6 million.