March 27, 2018
Vancouver, British Columbia – Pinedale Energy Limited (“Pinedale” or the “Company”) (TSXV: MCF), is pleased to provide an update on current development activity occurring at the Company’s non-operated working interest properties situated in the Pinedale gas field area, southwest Wyoming.
Pinedale is participating in the Warbonnet 9-23-A-3H horizontal well, an approximate 2-mile Lower Lance lateral that was spud in late February and that has recently reached total depth. The Warbonnet 9-23-A-3H is located mid-way between the prolific Pinedale interest Warbonnet 9-23-A-1H well and the non-consented Pinedale interest Warbonnet 9-23-A-2H well and targeted the same Lower Lance stratigraphic horizon within a 1,595-acre Horizontal DSU. The operator recently announced that its Warbonnet 9-23-A-2H well achieved a 24-hour IP rate of 54.5 MMcfe/day including a gas rate of 49.2 MMcf per day and an oil rate of 873 barrels per day and that the operator will be accelerating its horizontal program in 2018 with a focus on the Lower Lance interval. Pinedale’s working interest in the Warbonnet 9-23-A-3H well is approximately 7.94%.
A new 1,598-acre Warbonnet area Horizontal DSU was applied for by the operator and received approval at a hearing with the Wyoming Oil and Gas Conservation Commission held on March 13, 2018. Pinedale’s non-operated working interest in the new Horizontal DSU is 4.04% and wells will be developed from the Warbonnet 7-23 simultaneous operations pad where a rig is on site. 6 Lower Lance horizontal locations have been permitted with the State for initial development within the new 1,598-acre Horizontal DSU.
In March 2018, 3 new Pinedale interest vertical well locations (0.6375 net) have been fully developed and turned in line to sales. Pinedale’s working interest in each well is 21.25%. In 2018 to date, Pinedale has developed a total of 4 vertical wells (0.85 net) and initial 24-hour production rates have averaged 8.8 million cubic feet gas equivalent per day per well. A fifth vertical well (0.2125 net), which was drilled, logged, and cased in 2018, is currently undergoing completions.
Pinedale’s inventory of producing wells at year-end 2017 totaled 17 wells (3.404 net). With wells developed in 2018, Pinedale’s current inventory of producing wells is 21 wells (4.254).
About Pinedale Energy Limited
Pinedale Energy Limited is an independent oil and gas exploration and production company focused exclusively on its natural gas properties situated in the prolific Pinedale field area, within the Green River Basin of southwestern Wyoming. Pinedale, through its subsidiaries, owns non-operated interests in 17 oil and gas leases with an undivided working interest ranging from 11.56% to 21.25% in approximately 11,995 acres.
The Class A common shares of Pinedale Energy Limited are listed for trading on the TSX Venture Exchange under the symbol “MCF.” Additional information on Pinedale Energy Limited is available on the SEDAR website at www.sedar.com or on the Company’s website at www.PinedaleEnergy.com
For further information, please contact:
Chief Operating Officer
Pinedale Energy Limited
Suite 650 - 669 Howe Street,
Vancouver, BC, Canada, V6C 0B4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ”will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the operator accelerating its horizontal program and wells to be developed from the Warbonnet 7-23 are based on the operator’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual timing and focus of its horizontal program to be materially different from those expressed by such forward-looking information, including: the actions of the operator and the receipt of all necessary regulatory approvals. There is no guarantee that Pinedale will receive authorization for expenditure requests (“AFE’s”) for all permitted wells or that the Company will elect to participate in wells when it receives AFEs for these wells. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Pinedale will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.