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Yangarra Provides Operations Update and 2018 Guidance
Yangarra Provides Operations Update and 2018 Guidance Canada NewsWire CALGARY, J...
About this update from Yangarra Resources Ltd.
[{"type":"text","content":"\n\n\n\nYangarra Provides Operations Update and 2018 Guidance\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. 16, 2018\n\n\n\nCALGARY, Jan. 16, 2018 /CNW/ - Yangarra Resources Ltd. (\"Yangarra\" or the \"Company\") (TSX:YGR) provides an operations update, outlines 2018 guidance and provides a hedging program update. \n\nOperations Update\n\nProduction for 2017 averaged approximately 5,750 boe/d which is a 91% increase on a production per share basis when compared to 2016.  December 2017 production averaged approximately 7,500 boe/d (62% liquids) with fourth quarter 2017 production estimated at 6,700 boe/d. The Company's base corporate decline rate for 2018 is forecast to be approximately 31%.\n\nThe Company drilled and completed sixteen (16) wells in the bioturbated Cardium formation in 2017, five (5) wells were drilled prior to spring breakup and 11 wells were drilled post breakup with an additional two wells drilling over year-end.  The first six wells drilled after break-up now have more than 30 days of production history and the IP-30 on those wells averaged 497 boe/d (80% liquids).  \n\nEfforts to reduce drilling and completion costs during the fourth quarter wells have been successful with costs declining to $1,250/m (per lateral meter on 2 mile wells) from $1,420/m in Q3 despite the increased frack intensity.  Frack stages continue to increase with up to 80 stages per mile on recent wells with initial results indicating support for the increased intensity.  The Company has also drilled two 1-mile wells and two 1.5-mile wells which will provide the Company with an opportunity to compare the economics of these wells to the 2-mile type curve.   \n\nThe Company has 120 sections of Cardium land in Central Alberta and 940 gross (740 net) future Cardium locations (based on 1-mile horizontal lengths).  Yangarra has increased its assumptions for original oil in place (\"OOIP\") and original BOE in place (\"OBOEIP\") due to recent exploitation of the bioturbated section below the traditional Cardi...