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Advantage Announces High Liquid Yield Wells, Increases Montney Acreage & Provides Update on Operations & Strategic Alternatives Process
CALGARY , Sept. 30, 2013 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corpo...
About this update from Advantage Energy Ltd
[{"type":"text","content":"\n\n\n\nCALGARY, Sept. 30, 2013 /CNW/ - Advantage Oil & Gas Ltd. (\"Advantage\" or\n the \"Corporation\") (TSX/NYSE: AAV) is pleased to announce the following\n updates.  An updated investor presentation is also available on our\n website.\n\n\nTwo Middle Montney Wells Demonstrate Free Condensate (\"C5+\")Yield of up\n to 50 bbls/mmcf and Propane Plus (\"C3+\") Yield of up to 76 bbls/mmcf at\n Glacier\n\n\nTwo Middle Montney wells located on the Eastern portion of our land\n block at Glacier at 103/1-9-76-12W6 and 102/13-29-76-12W6 were\n completed during the first quarter of 2013.  Both wells demonstrated\n significant liquid yields.\n\nThe 103/1-9-76-12W6 well was production tested for 124 hours and flowed\n free condensate which averaged 50 bbls/mmcf over the production test\n period.  The final gas flow rate at the end of the production test\n period was 3.9 mmcf/d at a flowing pressure of 3,534 kpa. The estimated\n propane plus (C3+) yield based on a shallow cut liquids extraction\n process is 76 bbls/mmcf utilizing data obtained from the production\n test. The well has been on-stream for 169 days and has been re-tested\n with the latest results indicating similar yields.\n\nThe 102/13-29-76-12w6 was production tested for 192 hours and flowed\n free condensate which averaged 24 bbls/mmcf over the production test\n period. The final gas flow rate at the end of the production test\n period was 5.3 mmcf/d at a flowing pressure of 3,358 kpa. The estimated\n propane plus (C3+) yield based on a shallow cut liquids extraction\n process is 57 bbls/mmcf utilizing data obtained from the test. The well\n has been on-stream for 214 days and has demonstrated strong production\n performance.\n\nThese wells demonstrated liquid yields that are much higher than the\n Middle Montney wells located on the western portion of our land block\n and higher than the estimated Glacier average shallow cut C3+ yield of\n 39 bbls/mmcf raw.  We believe the changes in liquid content are related\n to geological trends which can be utilized to identify high graded\n areas within the Montney at Glacier and within the regional fairway.\n\n\nAdditional Undeveloped Lands Acquired for Middle Montney Liquids\n Potential\n\n\nWe have gained considerable geological and engineering experience in the\n liquids rich Middle Montney formation. Ou...