Cuda Oil and Gas Inc. Announces Another Major Operating Milestone with the Start-up of the Barron Flats – Shannon Field Miscible Gas Flood Facility – Powder River Basin, Wyoming
CALGARY, Alberta, Nov. 27, 2019 (GLOBE NEWSWIRE) — Cuda Oil and Gas Inc. (“Cuda” or the “Company”) (TSXV: CUDA) is pleased to announce that the Miscible Gas Flood Facility and Central Delivery Point (“CDP”) has been commissioned and brought on-line at the company’s Barron Flats Shannon Unit (SSRU) in Converse County, Wyoming.
Glenn Dawson, President and Chief Executive Officer of Cuda, stated: “The start-up of the CDP marks another major operating milestone for Cuda. In recent months, we have been very active in the field. With the CDP now commissioned and on-line, we look forward to frequent field-level updates that could be material in the context of the operations of the Company.”Highlights:The plant and facility are handling liquid-rich Shannon Field solution gas and Y-Grade condensate supplied from the 330,000 gallon on-site Natural Gas Liquids (NGL) storage bullets to produce the miscible fluid for injection. Injection into the William Valentine cyclic gas stimulation test well has been ongoing since June 28, 2019, at an average rate of approximately 350 mcfd at 1,350 psi wellhead pressure during injection.OperationsRecent field work has involved the installation of injection delivery pipelines and associated facilities from the CDP to six (6) additional injection well sites. This brings the total number of gas flood patterns being developed to seven (7). A total of thirty-four (34) oil wells, including the six (6) injection patterns are planned to be completed by YE 2019.Construction of the 9-mile, high pressure, natural gas pipeline from the CDP at Barron Flats Unit to the Interstate connection point near Glenrock Wyoming, is progressing. The CDP receipt facility and delivery meter tap facility are completed. The entire system is scheduled to be tested and completed in December 2019, with capability of delivering up to 15 MMcfd of makeup natural gas to the miscible gas flood project on demand.Drilling commenced as planned in late September, 2019 and five (5) vertical wells have been successfully drilled and completed to-date including one (1) well which has been completed as an injection pattern well.About Cuda Oil and Gas Inc.Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil in Wyoming and Alberta properties. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource-based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.For further information please contact:Glenn Dawson
President and Chief Executive Officer
Cuda Oil and Gas Inc.
(403) 454-0862Forward-Looking InformationThis news release contains forward-looking information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to the Company’s Miscible Gas Facility and Central Delivery Point (“CDP”), construction of a natural gas pipeline from the Central Delivery Point (“CDP”) to the interstate connection, exploration and development activities, and activity levels in the Company’s core areas. Risk factors that could prevent forward-looking statements from being realized include market conditions, third party and regulatory approvals, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.