CALGARY, ALBERTA--(Marketwired - Feb. 15, 2017) - Stage Completions Inc. ("Stage" or the "Company") is pleased to announce a record setting time and frac intensity for a well utilizing Stage's Bowhead II collet activated fracturing system (the "Stage System" or the "Bowhead Technology"), the continued successful expansion of Stage's footprint in numerous major unconventional formations, and the introduction of a fully dissolvable collet for the Stage System.
- Record Completion Time and Frac Intensity for 56 Stage Pinpoint Frac Using Stage System: Blackbird Energy Inc. ("Blackbird") (TSX VENTURE:BBI) has recently completed a 56 stage frac in 3.34 days and achieved frac intensity of 1.87 tonnes per linear meter.
- Continued Expansion of Stage's Footprint: Over the next 60 days, Stage expects to deploy in excess of 750 stage sleeves / collets in Canada, United States and internationally. This is in addition to the 192 stage sleeves / collets deployed over the previous 30 days.
- Introduction of Fully Dissolvable Collet for Bowhead II Fracturing System: New dissolvable collet for Bowhead II Fracturing System launching this spring. Fully compatible with existing Stage sleeves.
Record Setting Completion Time and Frac Intensity for a Well Utilizing Stage's Bowhead II Collet Activated Fracturing System
The Stage System was successfully deployed by Blackbird in its 2,765 tonne, 56 stage pin-point 3-28-70-7W6 ("3-28") Upper Montney completion program (the "Program") in Pipestone near Grande Prairie, Alberta.
The 3-28 well's completion represents the fastest ever conducted in a 4.5" monobore Montney well without coil tubing assist utilizing the Stage System. The total time taken to complete the well was 80.25 hours or 3.34 days including downtime to maintenance frac pump heads. Without downtime this completion program would have taken 54 hours to complete.
The 3-28 well also represents the highest tonnage intensity for at 4.5" monobore Montney well without coil tubing assist utilizing the Stage System with 1.87 tonnes per linear meter placed.
The majority of the Program was completed without interruption with 56 stages completed over a 54 hour period as collet / sleeve engagement can be accomplished within minutes of finishing the previous stage. This advantage coupled with the pumping rates as high as 10 m3/min contributed to the timely completion of stages throughout the wellbore. On average, each stage was completed in under an hour. This achievement with respect to pumping time and efficiency further reduced Blackbird's direct and indirect costs as compared to its previous completions including its record 76 stage completion using Stage's System, in addition to its social and environmental impact.
As previously disclosed, the Stage System runs a dissolvable ball on collet that activates sliding sleeves, and it features a constant ID wellbore that is cementable in place, allowing for longer laterals, tighter spacing, higher pump rates and higher tonnages. The Bowhead Technology provides pin-point fracturing capability to operators, increasing expected ultimate recovery ("EUR"), improving water management and providing continuous operations with deployment under pressure capability.
Sean Campbell, Chief Executive Officer and President of Stage stated: "This latest well completed by Blackbird once again showcases the effectiveness of the Stage System with respect to increased tonnage, increased rates and overall efficiency. Through the use of Stage's System, we are now seeing operators contemplating the switch to smaller size casing (from 139.7mm (5.5") to 114.3mm (4.5")) as a way to realize additional savings on their drilling costs as the Stage System's reduced friction and constant internal diameter will allow similar high rates to be achieved with the smaller casing design."
Successful Roll Out of the Bowhead II Collet Activated Fracturing System
As previously disclosed, the Stage System was introduced to the market in late May, 2016.
Since the initial product roll out, the Stage System has been deployed in 114.3mm (4.5") wells at 10m3/min (65 bpm) and 139.7mm (5.5") wells at 15.9 m3/min (100 bpm), per stage, rates unachievable with coiled tubing activated sleeves.
Over the next 60 days, Stage expects to deploy in excess of 750 stage sleeves / collets in Canada, United States and internationally. This is in addition to the 192 stage sleeves / collets deployed over the previous 30 days.
The accelerating absorption and acceptance of the Bowhead Technology speaks to the desire of producers globally to achieve longer laterals, tighter spacing, higher pump rates, and pin-point fracturing - and to ultimately yield superior capital efficiencies through increased productivity and EUR.
Sean Campbell stated: "The rapid roll out of the Stage System across numerous basins and countries is testament to our product line and team. With the Bowhead II Fracturing System E&P operators can now feel confident and in control of placing their premium fracture treatments without suffering the headache of coiled tubing and rate limitations. Pinpoint stimulation technology allows operators to place a premium fracture treatment designed per interval without the guessing game of diverting and clusters associated with plug and perf completion systems. We expect our roll out to continue its aggressive pace over the coming months as more operators realize the wide range of benefits the Stage System brings such as increased pump rates, the ability to run longer laterals with increased stages and the ability to reduce horsepower on site due to a reduction in friction."
Introduction of Fully Dissolvable Collet
Stage is pleased to announce the addition of a fully dissolvable collet for its Bowhead II fracturing system. The dissolvable collet has all of the features and specs of the current collet but will dissolve in the wellbore after a desired time frame post completion of frac, further increasing the wellbore ID. The dissolvable collet will be available for delivery in spring 2017 and is fully compatible with all Bowhead II Fracturing System products.
Stage Completions Inc. is a highly innovative completion technology company with focus on multistage completions in the North American and International marketplaces.
For more information about Stage and the Bowhead Technology, including recent case histories, please view the Stage website at www.stagecompletions.com.
This press release contains certain forward-looking statements or information (collectively referred to herein as "forward-looking statements") relating directly or indirectly to Stage. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of Stage. Such forward-looking statements include but are not limited to the operational capability of the Stage System, the expected future deployment of the Stage System by operators, and potential future benefits to be derived therefrom. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Stage will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates, and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration, development, production and services including drilling and completion risks, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (4) inability to retain key employees, (5) inability to finance operations and growth, and (6) other factors beyond control. Should one or more of these risks or uncertainties materialize, or should any of Stage's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties, and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and Stage's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, Stage assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.