Delphi Energy Corp. announced that it has completed its tenth horizontal Montney well utilizing a 30 stage slickwater hybrid completion technique at 16-15-60-23 W5M (16-15). The 16-15 well (75% working interest) was drilled to a total depth of 5,903 metres with a horizontal lateral length of 2,949 metres and stimulated with a 30 stage slickwater hybrid completion. The well was produced on clean-up over a ten day period, recovering approximately 22% of the initial load frac water. The well was then shut-in to equip and pipeline connect the well for production. After running production tubing, the well produced, over the final 24 hours, at an average rate of 7.0 million cubic feet per day (mmcf/d) of raw gas and 311 barrels per day (bbls/d) of wellhead condensate (44 bbls/mmcf of raw gas). Total production for the 16-15 well over the final 24 hour period was approximately 1,598 barrels of oil equivalent per day (boe/d), including an estimated plant natural gas liquids (NGL) yield of 36 bbls/mmcf of raw gas. Field condensate and plant NGL's represented 35% of the total production. The 16-15 has recently been placed on production through the Company's 100% owned compression and dehydration facility. Delphi has completed drilling its sixth Montney horizontal well of 2014 at 3-26-59-23 W5M (3-26) located in the central part of the East Bigstone block. The well was drilled to a total depth of 5,593 metres with a horizontal lateral length of 2,601 metres. Completion operations, consisting of a 30 stage slickwater hybrid fracture stimulation, are expected to commence in the next several weeks. Delphi has concluded facilities and pipeline construction to equip and tie-in the Company's 12-17-59-22 W5M (12-17) well which was completed late in 2013. The 12-17 Montney horizontal well is the most southerly located well on the Company's East Bigstone block. The well is expected to be on-stream around mid-September.

The company expects to maintain its production guidance of 10,000 to 10,500 boe/d average for 2014 and exit production of 11,500 to 12,000 boe/d. The company's estimated capital expenditures increase by approximately $20.0 million to a total estimated expenditure of $90.0 million to $95.0 million. Total debt at year end 2014 is expected to be between $165.0 and $170.0 million.