ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

HN

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:HN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

High North Resources: Drilling Program Update

23/06/2014 2:00pm

Marketwired Canada


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. 


High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is
pleased to provide an operational update on its drilling program. The Company's
fourth well, 08-21-076-21W5M, located on the northern portion of the Company's
Girouxville-Mclean property, has been drilled and stimulated and is derisking
five sections of land which Management anticipates will provide 20 to 24
horizontal drilling locations. The drill location of this fourth well is
adjacent to a section of land on which another oil and gas producer has applied
to drill four Montney oil horizontal wells. The 08-21 well produced hydrocarbons
from the Montney formation during the production test and is currently shut-in
for a pressure build-up test as required by government regulations. 


The Company's fifth well, located at 08-02-076-21W5M, was drilled in the Montney
formation and is scheduled to commence completion this week. This well directly
offsets a competitor's Montney oil well which reported a 30-day initial
production rate of 360 barrels of oil per day and cumulatively produced 33,000
barrels of oil during its first six months, indicating a potential payout in one
year using a netback of $50.00 per barrel of oil.


The Company's first two wells, 16-2-76-21W5M and 9-2-76-21W5M, continue to flow
oil at approximately 240 barrels per day at wellhead pressures above 870 psia
through restricted, undersized, rental surface facilities. Management believes
that the high pressures are indicative of the capability of increased production
rates. Installation of permanent facilities is expected in July, 2014.  The
Alberta Energy Regulator (the "AER") is permitting production until end of
April, 2015, subject to flaring volume constraints while the Company proceeds
toward the installation of facilities in order to conserve and produce NGLs from
the associated gas.  The Company's third well, 9-26-76-21W5M is shut-in
temporarily due to weather-related transportation delays of produced fluid. The
Company is planning to alleviate this situation shortly.  Additionally, the
Company's project development drilling plan for its 20 contiguous sections has
been submitted to the AER and is currently under review.


High North's Girouxville-Mclean property is located in Townships 075 to 076,
Range 21 W5M, approximately 200 miles northwest of Edmonton, Alberta. The
Company holds a 100 percent working interest in the three horizontal wells
described above producing 30 degree API oil from the Montney Formation. High
North holds a contiguous block of lands comprising 20.25 sections, with current
drilling directly offsetting significant production from an adjacent oil and gas
producer.


In the Girouxville-McLean area, the Company has earned 100 percent working
interest in 38.25 sections of land with prospective Montney rights through
acquisitions of Crown land and wells drilled to date. The Company intends to
drill a minimum of four horizontal wells per section targeting Montney oil on
these prospective lands. The Company can also earn an additional 134.75 sections
of Montney rights through future drilling commitments. 


Reader Advisory Regarding Forward-Looking Statements

This news release contains certain "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of applicable securities
legislation. Such forward-looking statements include, without limitation,
forecasts, estimates, expectations and objectives for future operations that are
subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company. Forward-looking statements are statements
that are not historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur or be achieved. This news
release contains forward-looking statements, pertaining to, among other things,
the following: drilling locations and the number of wells the Company is
considering drilling, timing for the drilling and completion of certain wells
and the installation of permanent facilities, the capability of increased
production, and potential payout amounts. Statements regarding future
production, capital expenditures and development plans are subject to all of the
risks and uncertainties normally incident to the exploration for and development
and production of oil and gas that may cause actual results or events to differ
materially from those anticipated in such forward-looking statements. These
risks include, but are not limited to, inflation or lack of availability of
goods and services, environmental risks, drilling risks, regulatory changes and
certain other known and unknown risks detailed from time to time in High North's
public disclosure documents, copies of which are available on High North's SEDAR
profile at www.sedar.com.  


Although High North believes that the material factors, expectations and
assumptions expressed in such forward-looking statements are reasonable based on
information available to it on the date such statements were made, no assurances
can be given as to future results, levels of activity and achievements and such
statements are not guarantees of future performance. High North's actual results
may differ materially from those expressed or implied in forward-looking
statements and readers should not place undue importance or reliance on the
forward-looking statements. Statements including forward-looking statements are
made as of the date they are given and except as required by applicable
securities laws, High North disclaims any intention or obligation to publically
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking statements
contained in this news release are expressly qualified by this cautionary
statement.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
High North Resources Ltd.
Mr. Colin Soares
President, Chief Executive Officer and Director
(403) 454-5565
csoares@highnorthresources.com


High North Resources Ltd.
Mr. Kyle Stevenson
Investor Relations and Director
(604) 687-1779
kstevenson@highnorthresources.com
www.highnorthresources.com

1 Year High North Resources Ltd. Chart

1 Year High North Resources Ltd. Chart

1 Month High North Resources Ltd. Chart

1 Month High North Resources Ltd. Chart