Delphi Energy Provides Operations Update

Source: 3/31/2014, Location: North America

Delphi Energy Corp provides an update to its ongoing winter drilling program.

Delphi has completed and tested its seventh consecutive horizontal Montney well utilizing a 30 stage slickwater hybrid completion. The 2-1-60-23 W5M (“2-1”) Montney well was drilled to a total depth of 5,808 metres with a horizontal lateral length of 2,807 metres and stimulated with a 30 stage slickwater hybrid completion. The well was produced on clean-up over a seven day period, recovering approximately 28 percent of the initial load frac water and is now shut-in to equip and pipeline connect the well for production. After running production tubing, the well produced, over the final 24 hours, at an average rate of 3.2 million cubic feet per day (“mmcf/d”) of raw gas and 335 barrels per day (“bbls/d”) of wellhead condensate (106 bbls/mmcf of raw gas). Total production for the 2-1 well over the final 24 hour period was approximately 917 barrels of oil equivalent per day (“boe/d”), with an estimated plant natural gas liquids (“NGL”) yield of 36 bbls/mmcf of raw gas. Field condensate and plant NGL’s represented 49 percent of the total production.

The well is expected to commence production in April and consistent with the previous slickwater fracture stimulated wells will continue to recover load frac water over the next few months. The well is anticipated to perform similar to the 15-24-60-23 W5M well that has produced with a shallower initial decline profile than the other wells over the first five months of production.

Delphi’s 13-30-60-22 W5M (“13-30”) well has now been on production for 30 days and has produced at an average rate of approximately 2,075 boe/d (45 percent field condensate and plant NGL’s). The 13-30 well continues to exceed the new type curve, with a current rate of 1,995 boe/d (39 percent field condensate and plant NGL’s). Delphi is finishing up its winter drilling program as it has reached total depth on the 2-7-60-22 W5M well and expects to shut down operations for spring breakup within the week. The drilling rig will remain on the pad over spring breakup to drill another well once surface access permits. The Company has drilled one well more than originally planned this winter as a result of continued improvements in drilling operations and spud to spud cycle times.

The Company is pleased to report it has achieved its first quarter of 2014 corporate production target of 10,000 boe/d, representing a new record high quarterly production rate for the Company. This achievement also represents a 33 percent increase in production and production per share over the comparative quarter of 2013. Currently, total production is approximately 11,200 to 11,400 boe/d, with the 2-1 well scheduled to come on production in April and the 11-17-59-22 W5M well scheduled to come on-stream in the third quarter of 2014.

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