CALGARY, AB--(Marketwired - March 07, 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) is pleased to report that drilling operations at the 6-28-52-22 W5M Hz ("6-28") Basal Montney well (100% W.I.) at East Pepper, Alberta have been completed and the completion system and liner have successfully been installed.
Preparatory work on the 6-28 well for completion operations will continue this week with fracturing operations to follow pending availability of services and subject to weather conditions. Such operations are currently projected to be completed in early April 2017 as recent weather and temporary road bans exacerbated by seasonal work load have generated delays in accessing pressure pumping services in Western Canada.
The 6-28 Basal Montney well was drilled to a total measured depth of 4,385 metres and the completion, with 18 frac stages planned, is intended to confirm horizontal scalability and proof of concept in the emerging South Montney Trend. The Basal Montney was previously tested in the 102/3-21-52-22 W5M vertical Montney well 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.
The West Pepper Upper Montney discovery well (100% W.I.) at 3-26-52-23 W5M(1) ("3-26") is being prepared for production. A static gradient survey was carried out which indicated that the 3-26 well had a bottomhole pressure of 43,500 kPa (6,300 psi) -- which represents 20% over-pressure. Following the pressure survey, 3,800 meters of 23/8" tubing was run into the well to ready it for production. The 3-26 well was opened to flow after the tubing was installed and proceeded to unload a full wellbore of load fluid and then flowed at a rate of 6 mmscf/d increasing to 7.5 mmscf/d at 16,500 kPa (2,400 psi) over several hours through the 23/8" tubing. Tie-in costs, equipment procurement, and construction details for the 650 metre tie-in of 3-26 are in the process of being finalized and, subject to approval of a final budget by the Board of Directors, construction is expected to commence in Q2, 2017.
The Company has commissioned an independent resource study, expected to be completed by early April 2017, to quantify the scale of the Montney resource potential attributable to Front Range's interests covering its Pepper property.
(1) see News 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 news 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 preparatory work and the fracturing operations on the 6-28 well, the tie-in of the 3-26 well and the timing of the completion of a resource study on the Pepper property.
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.
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