Deethree Exploration Ltd. (“DeeThree” or the “Company”) is pleased to release an operational update and its financial and operational results for the quarter ended March 31, 2013.
Operational Update
Throughout the first quarter of 2013, the Company invested $41.6 million principally directed at its winter drilling program. Drilling activity included the rig release of 6.0 gross (5.9 net) wells on the Brazeau Belly River property, one 100% working interest well on the Ferguson Alberta Bakken property and 1.0 gross (0.29 net) non-operated
well in the Peace River Arch area of northern Alberta.
The Company focused primarily on the Brazeau Belly River property throughout the first quarter of 2013 taking advantage of winter drilling conditions and access, available capacity in the Company’s facilities and favorable oil price differentials. The highlight for the quarter was the drilling of a Brazeau Belly River horizontal well that flowed at a final rate of 1,580 bbl/d of crude oil at the conclusion of a four day test (refer to the April 8, 2013 news release for additional information). This well is currently being tied-in and is expected to be on production by the end of May, 2013. The results in the area are continually improving and the Company plans to commence its summer drilling program in July 2013.
DeeThree has been very active on the Ferguson Alberta Bakken property since quarter end and currently has two rigs drilling on the property. Subsequent to March 31, 2013, the Company has drilled, completed and tested 2.0 (2.0 net) Bakken wells highlighted by a significant step out well that flow tested at the highest rate experienced to date from wells drilled on the property. After fracture stimulation, the well continued to flow for five days up the 4 ½” frac string at an average rate of 1,560 bbls/d of 29o API reservoir oil with a final rate of approximately 1,360 bbls/d of oil (on a ¾” choke at a wellhead pressure of 150 psi). Final water cuts at the end of the test were approximately 4%.
The well was drilled to a planned total depth with a horizontal lateral of approximately 3,200 metres. The horizontal lateral was successfully fracture stimulated placing 400 tonnes of sand over 22 stages using an energized water based system. The well was also significant in that it extended the edge of the Company’s existing Bakken pool by
another two miles.
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