Business
Butte Energy Inc. - Operational Update
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/ ...
About this update from Argenta Silver Corp
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.\n WIRE SERVICES/ \n\n\nTSXV:BEN \n\n\nCALGARY, May 13, 2013 /CNW/ - Butte Energy Inc. (the \"Company\") is\n pleased to provide an operational update. The Chigwell Viking\n 4-35-42-26 W4 well was shut-in effective January 2012 pending a hearing\n and ruling on a Special Well Holding Application filed on December 21,\n 2011 with the Energy Resources Conservation Board (the \"ERCB\"). Such\n hearing was necessitated as a result of an objection by Glencoe\n Resources Ltd., operator of the immediately adjacent CO2 enhanced oil\n recovery (\"EOR\") scheme. The Company has received notification from the\n ERCB that its Special Well Holding Application has been denied. The\n 4-35 well will continue to be shut-in until the Company applies for and\n obtains approval from the ERCB for its independent EOR scheme.\n\n\nWhile denying the Company's Holding Application,  the ERCB's ruling\n confirmed key elements of the Company's Holding Application that are\n worthy of note. The Company has always contended that its Section 35\n lands are being influenced and inequitably drained by Glencoe's EOR\n scheme, to which the ERCB noted in its ruling, \"…the examiners accept\n that C02 injection at Glencoe's 14-26 well has swept some oil from\n Section 35 to Glencoe's 8-34 well.\"\n\n\nThe Company, in response to this significant drainage, is reviewing and\n weighing all options, including an independent EOR scheme and any civil\n actions required to aggressively protect its reserves and to recover\n the reserves, swept to date, from its Section 35 lands.\n\n\nIn addition, approval from the ERCB to place the PEOC HZ Plain 3-4-55-12\n W4 well on production has been obtained. The well is awaiting tie-in\n prior to being placed on production.\n\n\nForward looking information\n\n\nThis news release may contain certain forward-looking information as\n defined under applicable Canadian securities legislation, that are not\n based on historical fact, including without limitation statements\n containing the words \"believes\", \"anticipates\", \"plans\", \"intends\",\n \"will\", \"should\", \"expects\", \"continue\", \"estimate\", \"forecasts\" and\n other similar expressions. In particular, this news release includes\n forward looking information relating to...