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Share Name | Share Symbol | Market | Type |
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Seaview Energy Inc. Class B | TSXV:CVU.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 U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS Seaview Energy Inc. ("Seaview" or the "Company") (TSX VENTURE:CVU.A) (TSX VENTURE:CVU.B) is pleased to provide an operations update with respect to recent operations targeting the Company's emerging light oil Cardium resource play in the Wapiti area and new production additions in Peace River Arch. During the third quarter the Company focused on completing and evaluating 2 Cardium horizontal oil wells (1.5 net) drilled in the second quarter. In addition, Seaview recently tied-in 1 natural gas well (1.0 net) adding over 250 boe/d net production for the month of October. Results to date in the Wapiti area continue to support the Company's strategic focus on accumulating a large, contiguous position targeting light oil in the Wapiti Cardium fairway. Seaview continues to show positive preliminary results highlighted by the following achievements: -- The successful drilling and completion of three multi stage fracture stimulated horizontal wells each testing light oil (41 degree API) from the Cardium formation at rates of more than 200 boe/d; -- Increased initial well productivity through continued enhancement of completion techniques; -- Achieved operational efficiencies on the 1-9-66-7W6 discovery well during its initial 3 month production period; -- Increased its land position to 42.5 sections (22.8 net) of prospective Cardium light oil rights; and -- Initiated a 6 well (3.5 net) drilling program to further define the resource potential, earn additional land and delineate the initial discovery. Wapiti Results and Activity Plans Seaview has successfully drilled 3 Cardium horizontal wells (2.2 net) to date, all completed with multi-stage fracturing technology. In addition, the Company has recently commenced its winter drilling program which will include up to 6 Cardium horizontal wells (3.5 net) to be drilled over the next two quarters, with up to 4 wells (2.5 net) to be drilled prior to the end of 2010. Seaview's second horizontal well at 100/04-17-066-07-W6 (78.3% WI) ("the 4-17 well") and third horizontal well 100/04-22-066-08W6 (76% WI) ("the 4-22 well") have been successfully completed using multi-stage frac technology. Based on experience on the Company's first completion at 100/01-09-066-08W6 ("the 1-9 well"), the inter-frac spacing was reduced to 75 meters from 100 meters and the sand tonnage per stage was increased from 15 to 20 tonnes per interval. Following an initial clean-up period, the 4-17 well tested at an average flow rate of 220 bbl/d of crude plus an estimated 100 mcf/d of solution gas (235 boe/d gross) over the last 7 days of the test period. Following an initial clean-up period, the 4-22 well tested at an average flow rate of 192 bbl/d of crude plus an estimated 140 mcf/d of solution gas (215 boe/d gross) over the last 7 days of the test period. Construction of surface facilities and pipeline tie-in for both wells is currently underway and the wells are expected to be brought on production by early December. Seaview is anticipating initial production to be in the range of 125 - 150 bbl/d of crude oil plus solution gas per well (170 boe/d). The 4-17 and 4-22 wells qualify for the Alberta Government's Horizontal Oil New Well Royalty Rate of 5% for 24 months, to a maximum of 60,000 barrels of production. The 1-9 well was drilled prior to the announcement of the Horizontal Oil New Well Royalty Rate program, but will still qualify for the 5% royalty rate for 12 months to a maximum of 50,000 barrels of production. Seaview's first horizontal well (68.0% working interest), the 1-9 well (drilled during the first quarter of 2010) has been on production since early August. The 1-9 well has averaged 133 boe/d (68% oil and liquids) on a producing day average basis over the first 3 months of production. Wapiti Exploration Program The successful Cardium oil tests at these three locations validate the presence of a significant light oil resource play in the Wapiti area. Seaview has successfully extended this play area 8 kilometres to the southwest and 2 kilometres to the southeast from the existing conventional Cardium A pool. Management is encouraged by the initial oil rates and remains confident that the Wapiti Cardium light oil resource play offers a sizeable and repeatable opportunity. Management also expects the economics of the play and initial production rates will continue to improve through the optimization of completion technology during this initial phase of exploration. Industry activity in Wapiti continues to rapidly accelerate with a total of nine locations licensed in 2010 with 6 being drilled to date with 4 wells on production. Seaview's opportunity base within the prospective Wapiti Cardium light oil resource fairway now has the following characteristics: -- Exposure to earn up to 42.5 sections (22.8 net) of prospective Cardium light oil rights; -- An extensive drilling inventory with over 170 horizontal development locations (91 net); and -- Excellent operational focus featuring a large contiguous land position directly offsetting the Company's recent successful Cardium exploration activities. Seaview believes the Wapiti Cardium light oil resource play contains the essential elements of a profitable resource play including: -- Large areal extent, supported by numerous logs and tests validating the reservoir continuity; -- Contiguous resource potential including an average of 10 m of vertical pay exceeding 6% porosity providing for significant accumulation of light oil, and a high degree of repeatability; -- Ability to improve drilling and completion techniques leading to lower capital costs and higher productivity over time; and -- Scalable project targeting high quality light oil (41 degree API). Continued success in developing the Wapiti Cardium light oil play could add significant incremental upside to Seaview's current asset base. The Company will therefore continue to focus on proving the commerciality of this play throughout the balance of 2010 and early 2011. Peace River Arch Due to low commodity prices for natural gas, the Company has elected to defer gas drilling projects planned for Q3 and Q4-2010 with capital re-allocated to oil focused drilling in Wapiti and optimization projects in the Peace River Arch. Seaview recently completed the tie-in of 1 gas well (1.0 net), in the Boundary Lake area, which added over 250 boe/d net sales average for October 2010. Boundary Lake is Seaview's largest producing region which features high deliverability wells with low operating costs. For September 2010, Seaview realized field level netbacks of over $23.00 per boe in the Boundary Lake area. Activity in the Peace River Arch for the balance of 2010 include equipping and tie-in of 1 additional gas well (1.0 net) and installation of a compressor to further optimize production in Boundary Lake. The Company expects to add over 150 boe/d before year-end from these projects. RELEASE OF THIRD QUARTER FINANCIALS Seaview plans to file its financial results for the period ended September 30, 2010 including the unaudited interim consolidated financial statements and related management's discussion and analysis ("MD&A") on November 17th, 2010. These filings will be available in their entirety at www.seaviewenergy.com and www.sedar.com or by contacting the Company directly. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies. Estimated values contained in this press release do not represent fair market value. This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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