Pinedale Energy Provides Update on Development Program

Pinedale Energy

VANCOUVER, British Columbia, Aug. 04, 2017 (GLOBE NEWSWIRE) — Pinedale Energy Limited (“Pinedale” or the “Company”)(TSXV:MCF) is pleased to provide an update on the Pinedale field area operations previously announced on July 12, 2017.

Highlights

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  • 2 wells drilled, logged, cased and waiting on completions
  • 1 well drilling ahead
  • 1 well set with surface casing
  • 2 additional authorizations for expenditures (“AFEs”) received, gross well costs of US$2.8 million, or approximately US$595 thousand per well to Pinedale

Operations Update

The Company’s operating partner commenced infill directional drilling operations on a jointly owned oil and gas lease in the Warbonnet area of the Pinedale natural gas field in southwestern Wyoming on July 12, 2017.  The status of 4 directional wells (0.85 net) underway is tabled as follows:

Well Well Name Status
1 Warbonnet 13D2-24D Drilled, logged, cased, waiting on completions
2 Warbonnet 13C2-24D Drilled, logged, cased, waiting on completions
3 Warbonnet 13B2-24D Drilling ahead
4 Warbonnet 14C2-24D Set with surface casing, waiting on rig return

Warbonnet 13D2-24D was drilled to a total depth of 14,251 feet (13,852 feet true vertical depth) in 9 days. The well has been logged, cased, with completions election approved and is waiting on completions.

Warbonnet 13C2-24D was drilled to a total depth of 13,800 feet (13,610 feet true vertical depth) in 8 days.  The well has been logged, cased, with completions election approved and is waiting on completions.

Warbonnet 13B2-24D is drilling ahead at a depth of 8,906 feet with a total depth target of approximately 14,000 feet.

Warbonnet 14C2-24D was drilled to initial depth of approximately 2,650 feet, set with surface casing, and is standing ready for the rig to return to resume drilling activities.

The Company has received and signed AFEs for 2 additional directional wells (0.425 net) on the lease. The estimated gross cost of the 2 AFEs is an average of US$2.8 million per well, or approximately US$595 thousand per well to Pinedale.  In 2017 the Company has now signed AFEs for a total of 6 infill directional wells (1.275 net).

The drill rig is positioned on a simultaneous operations pad that was constructed to accommodate the development of a minimum of 20 new well locations on the lease that include the 4 wells in progress and 2 new AFE locations.  The operator has set conductors to depths of approximately 80 feet at each surface hole location.

Pinedale’s wholly owned subsidiary, Pinedale Energy Inc., owns a 21.25% non-operated working interest in the lease and 8 existing producing directionally drilled vertical wells (1.7 net) and an 18.75% non-operated working interest in an adjacent lease and 3 producing directionally drilled vertical wells (0.56 net) that were developed in 2014/2015.

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. At year-end 2016, the Company had gross proved reserves of approximately 95.5 billion cubic feet of gas and 842 thousand barrels of oil (101.5 billion cubic feet equivalent); 93% undeveloped.

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

​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.

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