During initial clean-up, the 1-16 well flowed at restricted rates of up to 3.5 MMcf (98.6 e3m3) per day (approximately 913 boe per day including condensate and natural gas liquids). At the end of the 90 hour flow period, the well was producing at a rate of 2.3 MMcf (65 e3m3) per day (approximately 590 boe per day including condensate and natural gas liquids) up production tubing at flowing tubing pressures of 2,479 kPa and flowing casing pressure of 2,479 kPa. In addition to the natural gas production at the end of the flow period, the well was producing field condensate at a rate of 155 barrels (24.6 m3) per day or 67 barrels of field condensate per MMcf of raw gas. Additional natural gas liquids are anticipated to be recovered at the gas processing facility. Total liquids yield, including both field condensate and plant liquids, is estimated to be 120 barrels per MMcf of raw gas. Yoho anticipates the liquids yield will increase as additional completion fluid is recovered from the wellbore. At the end of the flow period, approximately 8,930 barrels (1,420 m3) (12%) of completion load fluid had been recovered. Total fluid production rate (completion load fluid and hydrocarbon liquids) at the end of the test period was 770 barrels per day, of which 80% was completion load fluid.
Yoho is pleased with the overall well costs from this multi-well pad operation, which have been reduced from the cost to drill and complete previous single well operations. The average cost to drill and complete these two wells is approximately $10.0 million per well. Yoho is also very encouraged by the early flow rates and flowing pressures of these wells, given that both wells continue to flow large volumes of completion load fluid with the natural gas and condensate. These two wells will be shut-in for one month to obtain pressure information and to allow the completion water to absorb into the formation. This absorption period, or "soak time", has resulted in higher flow rates and flowing pressures after a period of shut-in time in previous wells drilled to date in the Duvernay formation.
Yoho also conducted a mircoseismic survey in an offsetting vertical well during the completion of these two wells. Results from this microseismic survey, combined with improved frac techniques employed in these two wells, will be incorporated into completion design of future Duvernay wells.
Also at Kaybob, construction of an 11.2 kilometer 8" pipeline from the 15P-16 padsite to the SemCams Tony Creek trunk line has been completed and the pipeline commissioned. Yoho is in the process of placing the 13-22-62-21 W5 horizontal Duvernay well (press release dated February 14, 2012) on-stream and anticipates having stabilized production rates within the next two weeks.
Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in West Central Alberta and northeast British Columbia. The common shares of Yoho are listed on the TSX Venture Exchange under the symbol "YO".
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Yoho will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.
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