CALGARY, AB--(Marketwired - January 26, 2017) -
Not for distribution to United States newswire services or for dissemination in the United States.
Front Range Resources Ltd. ("Front Range" or the "Company") (TSX VENTURE: FRK) reports that it successfully increased its 100% working interest operated land holdings at Pepper, Alberta to 44 sections (28,160 acres) at the January 25, 2017 Alberta Crown landsale. The 11 section contiguous land block of Montney P&NG rights includes lands offsetting the Company's Basal Montney horizontal development well located at 6-28-52-22 W5 (the "6-28 Well") currently drilling at East Pepper. 9 sections of the 11 sections acquired are prospective for Basal Montney.
6-28 HZ WELL UPDATE (BASAL MONTNEY)
The 6-28 Well is being drilled from the existing 102/3-21-52-22W5 vertical Montney well (the "3-21 Vertical Well") to make use of the existing upper section of the wellbore for cost savings. 34 bbls of condensate was flowed out of the 3-21 Vertical Well when it was re-entered and bled off in advance of commencing the horizontal drilling operation.
The 6-28 Well is currently drilling horizontally in the Basal Montney interval. Completion and testing operations of the 6-28 Well are scheduled for late February 2017, with flow test results to follow in March 2017.
The 6-28 Well was previously tested (3-21 Vertical Well) in the Basal Montney interval at a rate of 550 mscf/d of natural gas with 29 barrels/mmscf of free condensate and up to an additional 30 barrels/mmscf of natural gas liquids (recoverable through shallow cut natural gas processing) at a flowing casing pressure of 293 kPa (47 psi). This test rate was obtained from a single 60-tonne frac in the vertical wellbore and represents the last 24 hours of the 141.5 hour flow test period.
3-26 HZ WELL UPDATE (UPPER MONTNEY)
The Company continues to make progress on the equip and tie-in of the West Pepper Upper Montney discovery well at 3-26-52-23 W5(1) (the "3-26 Well") with costs, equipment procurement, and construction details in the process of being finalized.
(1) see Press Release dated January 11, 2017
Further information relating to the Company is also available on its website at www.frrl.ca.
ADVISORY ON CAUTIONARY AND FORWARD-LOOKING STATEMENTS:
The Company cautions that flow test results are not necessarily indicative of long-term performance or of ultimate recovery.
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking statements") within the meaning of applicable securities laws. In particular and without limitation, this news release contains forward-looking statements concerning: the timing of the completion, testing and flow-test results of the 6-28 Well and the tie-in of the 3-26 Well.
Forward-looking statements are based on a number of material factors, expectations or assumptions of the Company which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: whether the Company's exploration and development activities respecting its prospects will be successful or that material volumes of petroleum and natural gas reserves will be encountered, or if encountered can be produced on a commercial basis and certain other risks detailed from time-to-time in Front Range's public disclosure documents. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company's Annual Information Form and Management's Discussion and Analysis prepared for the year ended December 31, 2015. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.