CONTACT EXPLORATION PROVIDES OPERATIONS UPDATE
Contact Exploration Inc. place the first Contact-operated horizontal Montney well at 13-17-63-5 W6 (the 13-17 well) on production on Dec. 1, 2012. The company is pleased to report that during the first seven days of production, the 13-17 well averaged 200 barrels of wellhead condensate/million cubic feet of natural gas. Contact expects additional liquids recoveries at the third party gas plant to add between 30 barrels/million cubic feet and 130 barrels/million cubic feet, depending on whether the gas is processed through the deep-cut plant. On a per-production-day average basis, the 13-17 well flowed gross rates of 750 barrels per day of condensate and 3.7 million cubic feet per day of raw gas during the first week (being 281 bbl/d of condensate and 1.4 million cubic feet per day of raw gas net to Contact, before payout). Contact notes that downstream liquids-processing bottlenecks have required Contact to temporarily restrict the productive capacity of the 13-17 well, as Contact works with downstream plant operators to manage the substantial condensate volumes from the well. Contact also notes that during this production restricted period, flowing pressures at the 13-17 well, being over 20MPa (2,900psi) at the well head, averaged over three times the line pressure. Contact holds a 37.5% working interest before payout and a 25% working interest after payout in the 13-17 Well. The Company advises that although the foregoing initial production rates from the 13-17 Well are very encouraging, these results may not necessarily be indicative of long-term performance or of ultimate recovery from the 13-17 Well.
http://www.contactexp.com/Press_Release.html
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