Pine Cliff Energy Ltd. Announces Capital Budget and Production Guidance for 2014; Announces Operational Update for the Fourth Quarter of 2013
December 18, 2013 at 10:56 pm
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Pine Cliff Energy Ltd. announced capital budget and production guidance for 2014. For the period, the company expects capital budget of $12.5 million, primarily to drill five gross (1.7 net) non-operated wells in the Carrot Creek core area in the latter half of 2014. The company projecting production volumes in 2014 of 6,100 to 6,500 barrels of oil equivalent (boe) per day, representing a 37% increase over the 2013 production guidance of 4,350 to 4,850 boe per day.
In the fourth quarter of 2013, the company finished drilling and completing two gross (1.25 net) gas wells which were brought on production in November 2013. Results from these wells will be provided at a later date after the flush production period has ended. The company completed its review of the second phase of drilling on the King's Canyon gold property located in Utah, United States during the fourth quarter of 2013.
Pine Cliff Energy Ltd. is a Canada-based company that is engaged in the acquisition, exploration, development and production of natural gas and oil in the Western Canadian Sedimentary Basin and also conducts various activities jointly with others. The Company's operating areas include Central Assets, Edson Assets and Southern Assets. Its Central Assets include Ghost Pine and Viking Kinsella areas of Central Alberta. Its Southern Assets includes Monogram unit, Many Islands / Hatton properties, Pendor, Cadillac and Wymark, Black Butte and Eagle Butte areas. Its Edson Assets include Mcleod River and Pine Creek, and Carrot Creek. The Company operates and sells its natural gas to the common Alberta natural gas price hub, Alberta Energy Company (AECO), and the Company also sells to four other gas markets: Aden, TEP, DAWN and Empress.