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Altura Energy Inc. Announces Operations Update and New Upper Mannville Oil Pool
Altura Energy Inc. Announces Operations Update and New Upper Mannville Oil Pool Ca...
About this update from Tenaz Energy Corp
[{"type":"text","content":"\n\n\n\nAltura Energy Inc. Announces Operations Update and New Upper Mannville Oil Pool\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 12, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n\n\n\nCALGARY, Jan. 12, 2017 /CNW/ - Altura Energy Inc. (\"Altura\" or the \"Corporation\") (TSX Venture: ATU) is pleased to provide an operations update which includes results from a horizontal well drilled in a new Upper Mannville oil pool in the Leduc-Woodbend area of Alberta and a new Sparky oil prospect in the Macklin area on the Alberta/Saskatchewan border.\n\n\n \n \n\n \nOPERATIONS UPDATE\n\n\nDrilled 4.0 (3.5 net) wells in the fourth quarter and 7.0 (6.5 net) wells during 2016. \nFourth quarter production averaged approximately 970 boe per day (85% oil and liquids) based on field estimates, exceeding the Corporation's exit guidance of 900 boe per day. This represents a 69% increase from the third quarter of 2016 on an absolute and per share basis. \nDuring the fourth quarter, a 100% working interest (\"WI\") Upper Mannville horizontal well started producing with the rate over the first 30 producing days averaging 230 boe per day. \n2016 capital expenditures, excluding asset acquisitions and dispositions are estimated at $12.3 million1, compared to the original budget of $11 million with the increase due to additional undeveloped land purchases in the Leduc-Woodbend area. \nAsset acquisitions for 2016 are estimated at $5.1 million1, which includes an acquisition in the Killam area of Alberta for $4.1 million and a non-producing property and undeveloped land acquisition in the Macklin area of Saskatchewan for $1 million. \nAt year end, Altura's land position totaled 75,441 net acres, an increase of 110% year over year.\n\nNEW UPPER MANNVILLE OIL POOL AT LEDUC-WOODBEND\n\nIn the third quarter of 2016, Altura drilled and completed an Upper Mannville oil well in the Leduc-Woodbend area of Alberta whi...