DeeThree Exploration Ltd. Provides Operational Update for the Year 2012; Provides Production Guidance for the First Quarter of 2013
Two of the Belly River horizontal wells drilled and completed this year tested at significant rates. These wells targeted different intervals within the Belly River formation. Horizontal well 5-27-47-14W5 tested at a final stabilizing rate of approximately 3.5 mmscf/d of sales gas with 215 bbls/d of associated NGLs and 450 bbls/d of light oil at a flowing wellhead pressure of 420 psi after an 8 day test. Initial test results of this well were announced on February 25, 2013. Horizontal well 2-34-47-14W5 tested at a final stabilizing rate of approximately 1.2 mmscf/d of sales gas with 70 bbls/d of associated NGLs and 500 bbls/d of light oil at a flowing wellhead pressure of 30 psi after a 5 day test.
The Company anticipated that its exit production for the first quarter of 2013 will be 6,800 boe per day. Three more wells are expected to be placed onto production by mid-April 2013.