SASKATOON, June 12, 2018 /CNW/ - Westcore Energy Ltd. ("Westcore" or the "Company") (TSXV: WTR) announces that it has completed its post spring break-up operations and brought 3 production wells back on line. Westcore now has 6 wells on production cumulatively flowing an average of 125 barrels of oil per day.
During the spring break-up period four of its wells were shut down, leading to two months of lost production from these wells. The Company was able to access and put wells back online once road bans on service rigs and heavy vehicle movement were lifted.
2018 Drilling and Development Plans
The Company's plans for 2018 include identifying three new drill targets at the Flaxcombe field, with a view to drilling and bringing these new wells online in late 2018 or early 2019. In advance of this drilling, the Company intends to acquire and review all available 2D and 3D seismic. Upon successful review of seismic data, the new 3 well drill program is intended to be completed along with Westcore's existing joint venture partners.
Two additional production wells at Flaxcombe will be brought back online in the coming months to further increase production. Both re-activations are low cost activities that will bring proven production back online.
The Company will be re-activating its 100% owned disposal well at the Riverside project and is planning an additional disposal well at its Flaxcombe field to further augment cost savings in its fluid handling requirements. Having company owned disposal wells dramatically increases the economics of both fields, in terms of reducing both the direct cost of water disposal and the indirect costs related to fluid hauling. Westcore has identified a location for its potential disposal well at Flaxcombe, consisting of an existing well bore that is not being used for oil production. This location also has excellent access for potential third party water disposal providing additional revenue potential for the Company.
Land Update
Westcore is actively reviewing and looking to increasing its land positions at Flaxcombe and Riverside as large areas around both projects have highly prospective geology for additional development. Land acquisitions will be based on seismic review, direct and indirect production results from these areas. The company currently holds 5 sections of heavy oil land at its Flaxcombe project and 29 sections of heavy oil land at its Riverside project, both located in west central Saskatchewan.
Reader Advisory
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the potential Transaction, the completion thereof and receipt of required approvals and the potential future production of petroleum products from the properties that are the subject of the Transaction. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; commodity prices; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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SOURCE Westcore Energy Ltd.
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Westcore Energy Ltd., Andrew Davidson, President and Chief Executive Officer, Phone: (306) 653-2692, www.westcoreenergy.caCopyright CNW Group 2018
