Business
Valeura announces first quarter 2013 financial and operating results
CALGARY, May 14, 2013 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ") (TSX...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 14, 2013 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to report highlights of its unaudited financial\n and operating results for the three month period ended March 31, 2013\n and to provide an update on subsequent developments. The complete\n quarterly reporting package for the Corporation, including the\n unaudited financial statements and associated management's discussion\n and analysis, has been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.\n\n\nSTRATEGIC DEVELOPMENTS\n\n\nAs a top priority, the Corporation made good progress in the first\n quarter of 2013 in advancing the tight gas delineation and development\n program in the Thrace Basin after an 18-month proof-of-concept program\n to de-risk the play. To date, the Corporation has frac'd 34 tight gas\n wells, mostly with single stage fracs, on joint venture lands acquired\n from Thrace Basin Natural Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (\"PTI\") (Valeura 40%).\n\n\nIn the first quarter, three new vertical wells were completed on the\n TBNG-PTI joint venture lands with development-type, multi-stage fracs.\n The Corporation is also moving forward with a two-well horizontal\n drilling pilot commencing in June 2013 to be completed with even larger\n multi-stage fracs.\n\n\nThe Corporation is progressing two potential high impact exploration\n plays in its portfolio in Turkey to complement the development focused\n program on joint venture lands in the Thrace Basin.\n\n\nThe Corporation was successful in acquiring the 185 square mile Banarli\n Licence on a 100% operated basis located in the centre of the Thrace\n Basin. Banarli offers potential to extend the tight gas play into\n deeper, higher pressure sands and to explore for unconventional shale\n gas and oil.\n\n\nThe Corporation is proceeding with a 2D seismic program over the\n Bostanci oil exploration prospect on the border with northern Iraq,\n which could lead to drilling contingent on seismic results and funding.\n\n\nOPERATIONAL HIGHLIGHTS\n\n\nBanarli Licence\n\n\nAcquired the Banarli Licence 5104 (Valeura 100%) through a competitive\n licence application process. Banarli is a large exploration licence of\n 118,598 gross acres (185 square miles) located near the centre and\...