Prairie Provident Announces Successful Princess Drilling Update
CALGARY, Alberta, Nov. 21, 2019 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“PPR” or the “Company”) (TSX:PPR) announces an operational update highlighting the successful initial results from a new well in the Company’s core Princess operating area.Princess Area New Well ResultsPPR’s latest 102/08-04-021-11W4 well is the Company’s seventh successful Lithic Glauconite well drilled in the last two years in the Princess area. Starting November 16, 2019, the Princess well flowed for 93 hours and produced at an average flow rate of 1,067 boe/d (78% liquids) over the last 37 hours of the production test. The flowing pressure of the well during the final 37 hours of the test period averaged 3,700 kPa through a 19.05 mm choke. With total estimated capital costs of approximately $2.1 million to drill, complete, equip and tie-in, this successful new well is expected to be brought on production in December. Incorporating volumes from this newest Princess well, the Company’s current corporate production is estimated at approximately 6,500 boe/d based on field receipts, which is at the upper end of PPR’s full year 2019 production guidance.The Company cautions that the short-term test rates disclosed in this news release are preliminary in nature and may not be indicative of stabilized on-stream production rates or of future product types. The test results are not necessarily indicative of long-term well or reservoir performance or of ultimate recovery. Actual results will differ from those realized during testing, and the difference may be material.