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Share Name | Share Symbol | Market | Type |
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Redcliffe Exploration Inc. | TSXV:RXP.A | 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 | - |
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS. Redcliffe Exploration Inc. ("Redcliffe" or the "Company") (TSX VENTURE:RXP.A) (TSX VENTURE:RXP.B) is pleased to provide the following operational update and initial capital program for 2009. For the two most recent weeks ended January 2nd and January 9th, Redcliffe averaged production of approximately 1,330 and 1,320 boepd, respectively, consisting of approximately 5,700 mcfpd of natural gas and 380 and 370 bpd, respectively, of oil and natural gas liquids. This increase is a result of two new gas wells being brought on production in the Gold Creek area during late December 2008, as well as a third new gas well which was brought on production in the same area last week. Approximately 140 boepd of production was down for the week ended January 9th due to minor facilities repairs, which are expected to be completed this week. Upon the return of this production, Redcliffe's production is estimated to be approximately 1,450 boepd. A fourth gas well was drilled in late December 2008 and completion operations are scheduled to commence later this month. Additional production capacity of approximately 250 boepd remains shut-in at Gold Creek due to gas processing issues associated with high natural gas liquid content in the produced gas. Redcliffe proposes, with its partners in the area, to build a new 12.5 kilometer pipeline this summer with liquid-handling facilities that will allow this production to come on-stream by Q4 2008. In addition, this pipeline may allow the drilling of 2-3 development wells in the area, subject to available gas processing capacities in third-party facilities. During 2008, Redcliffe drilled a total of 7 (4.2 net) wells, resulting in 6 (3.2 net) gas wells and 1 (1.0 net) oil well. Three of the gas wells have been placed on production in the Gold Creek area while a fourth awaits completion. The two remaining gas wells - one each in Valhalla and Pembina - tested at marginal economic rates in the target formations and are being evaluated by the Company for potential up-hole zones. The oil well was brought on production in the summer of 2008 and has produced at a stabilized rate of approximately 70 boepd. Redcliffe has identified three development wells to be drilled as a result of this oil discovery. Due to the pull back in oil and gas prices as well as the effect of the new Alberta royalty program that commenced January 1, 2009, Redcliffe has reduced its base capital budget for 2009 to approximately $10.0 million. We plan to drill 6-7 wells under this budget, two of which are expected to be drilled in Q1 2009. Also included within this budget is the proposed new Gold Creek pipeline, continued undeveloped land acquisitions, and 3D seismic acquisitions over the significant new undeveloped acreage acquired in our focused Peace River Arch area. Redcliffe more than doubled its net acreage in this area during 2008, and company-wide now controls a total of approximately 105,800 gross acres (71,700 net acres) at an average working interest of 68%, which includes option lands held by a land fund. Net undeveloped acreage is split approximately 50/50% between the Peace River Arch and Greater Pembina. As we progress through 2009, Redcliffe will be exploring alternatives towards increasing its 2009 capital program once the direction of financial markets and energy prices clarify themselves. The Company enjoys a 2-3 year inventory of exploration and development drilling opportunities. We remain restricted in our major growth objectives by capital constraints resulting from the withdrawal of the capital markets out of the junior resource industry. However, even with the reduced capital program, we believe Redcliffe will continue to experience meaningful production growth in 2009 over average rates achieved in 2008. Redcliffe remains focused on liquid-rich natural gas exploration in the Peace River Arch and Greater Pembina areas of Alberta. The Company's production is currently split approximately 70/30% between natural gas and oil and natural gas liquids. Our 2009 drilling program is currently focused on natural gas in the Peace River Arch area, where we anticipate replicating the success enjoyed to date in the Gold Creek core producing area. These exploration programs will set up potential significant production increases in 2010. The application of horizontal drilling and completion techniques, in combination with deeper and larger exploration targets, is expected to provide Redcliffe and its shareholders exposure to significant value appreciation over the next twelve months. Reader Advisories Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing, processing 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. The Company'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 the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company 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 the Company 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. BOE may be misleading, particularly if used in isolation. A BOE conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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