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Share Name | Share Symbol | Market | Type |
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Stonefire Energy Corp | TSXV:SFE.B | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Stonefire Energy Corp. (TSX VENTURE:SFE.A) (TSX VENTURE:SFE.B) ("Stonefire" or the "Company") is pleased to report further exploration discoveries and accelerated production growth as a result of the Company's successful summer drilling program. As previously reported, Stonefire initiated drilling of its four-well summer exploration program on June 17. All four wells are 100 percent working interest and Company-operated. The first three wells are in Stonefire's core Edson area and all have been drilled, completed and brought on-production. This maintains the Company's exploration success rate at 100 percent on five gross (4.5 net) wells drilled to date in 2008. The program's fourth well is an exploration gas well in the Leaman field and is expected to spud on September 5, with a planned total depth of 1,830 metres. The first two of the three Edson wells were drilled as Deep Basin exploratory gas wells targeting multiple zones to depths of approximately 2,340-2,360 metres. The first well encountered four deep basin gas-bearing zones and the second encountered five deep basin gas-bearing zones. Both wells have been tied-in and are currently producing approximately 1.0 mmscf per day each of liquids-rich natural gas with low initial declines. They are tied into Stonefire's 100 percent working interest Edson gas gathering and processing facilities. The third Edson well was drilled as a light oil exploration well to a total depth of 1,944 metres, encountering several meters of fractured oil-bearing reservoir and is a new pool discovery. Following completion as a flowing oil well the well was subjected to a 10-day extended flow test. During the test the well producing a total of 3800 barrels of sweet, 40º API oil at restricted rates of 350 - 400 barrels per day. The well showed little production decline over the extended test with a maximum estimated drawdown of 45%. The new oil well is scheduled to commence production in early September and initially will be limited to an allowable rate of 122 barrels per day. The Company has applied to the ERCB for Good Production Practice (GPP) to allow the well to produce at unrestricted rates. Solution gas during the extended production test was conserved and will continue to be conserved through Stonefire's Edson gas plant. Stonefire is currently preparing a 100 percent working interest offset drilling location to delineate the new pool, with drilling planned for the fourth quarter of 2008. With the strong success of its most recent three wells Stonefire is also pleased to report that its current production rate is approximately 1,200 boe per day which includes the new Edson oil well restricted to its 122 bbl per day allowable rate. The current production rate now exceeds the Company's previous year-end 2008 production guidance of 1,000 boe per day and is comprised of approximately 30 percent light crude oil and natural gas liquids and 70 percent natural gas. Stonefire is also pleased to announce that its Board of Directors has approved expanding the 2008 capital budget from $12 million forecast at the start of the year to a forecast $18-$20 million. The added funds will allow the Company to initiate early development of its new Edson light oil discovery and fund drilling of an additional three (2.5 net) wells in the fourth quarter. The budget increase is expected to be funded by cash flow and available bank lines. Stonefire expects to exit 2008 with a debt to annualized December cash flow ratio of less than 1 times. Stonefire Energy Corp. is an Alberta-based company formed to participate in oil and natural gas exploration, development and acquisitions focusing in the West Central region of Alberta. As of this date the Company has 18,265,000 Class A shares and 1,012,000 Class B shares outstanding. Reader Advisory This news release contains certain forward-looking statements, including management's assessment of the Company's plans and future operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Stonefire's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Stonefire's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Stonefire will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Stonefire or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Stonefire does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Petroleum and natural gas volumes are converted to an equivalent measurement basis referred to as a "barrel of oil equivalent" (boe) on the basis of 6 thousand cubic feet of natural gas equalling 1 barrel of oil. This is based on an energy equivalency conversion method applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead. Readers are cautioned that boe figures may be misleading, particularly if used in isolation.
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