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Valeura provides fourth quarter 2013 operational update and 2014 guidance
CALGARY , Jan. 9, 2014 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ") ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, Jan. 9, 2014 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to provide an operational update for the fourth\n quarter of 2013 and the outlook for capital expenditures and sales in\n 2014.\n\n\nNET SALES UP ANOTHER 17% IN THE FOURTH QUARTER OF 2013\n\n\nNet corporate petroleum and natural gas sales in the fourth quarter of\n 2013 averaged approximately 1,180 barrels of oil equivalent per day (\"boe/d\"), up 17% from the third quarter of 2013 reflecting the contribution\n from additional well re-entry fracs in the Mezardere Formation in the\n Thrace Basin of Turkey. This is the second consecutive quarter that net\n sales increased by 17%. Net corporate sales in 2013 averaged\n approximately 977 boe/d.\n\n\nNet sales in Turkey in the fourth quarter of 2013 averaged approximately\n 1,140 boe/d, including 6.8 million cubic feet per day (\"MMcf/d\") of natural gas at an average wellhead price of $9.93 per thousand\n cubic feet (\"Mcf\") and 8 barrels of oil per day. Net sales in Canada averaged\n approximately 40 boe/d.\n\n\nTurkish wellhead price realizations in the fourth quarter were down 2%\n from the third quarter reflecting some weakening in the Turkish Lira,\n which is the pricing basis for Turkish gas sales.\n\n\nTHRACE BASIN OPERATIONAL DEVELOPMENTS\n\n\nThe Corporation drilled and completed a third horizontal well BTD-5H in\n the Tekirdag area on joint venture lands acquired from Thrace Basin\n Natural Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (\"PTI\") (the \"TBNG JV\") (Valeura 40%). The well was drilled to a vertical depth of 975 metres\n into the Teslimkoy Formation with a horizontal section of 403 metres\n and was completed with a three-stage frac. The well was tied into the\n gathering system at the end of December 2013 and has been flowing at an\n average restricted rate of approximately 2.2 MMcf/d (gross) through a\n 30/64\" choke in this early performance period. The well is continuing\n to clean up with approximately 71% of the completion load fluid\n recovered to date. The cost to drill, frac and tie-in the well was\n approximately $2.5 million (gross). (Note that the initial production\n rates stated throughout this press release are not necessarily\n indicative of long term performance or ultimate recovery and are\n subject to decline rat...