Petrichor Energy Encouraged by Flow Back of Frac on the Hinson #1 Well and Initiates Permitting Second Well
March 25, 2014 (Source: Marketwired) — Petrichor Energy Inc. (TSX VENTURE:PTP)(FRANKFURT:YQN) (the “Company” or “PTP”) is pleased to announce that the completion of the Hinson #1 well in the Marble Falls Formation (refer to Press Release March 5, 2014) is flowing back at an initial rate of 200 barrels a day and after the recovery of approximately 39.1% (1,510 barrels) of the frac fluid, the Hinson #1 well is now starting to show significant hydrocarbons. Readers are cautioned that further pumping will be required prior to being able to estimate a stabilized daily production rate.
Given the encouraging results, the Company and the operator, BlakEnergy Ltd., have initiated the permitting and construction of the location for the second well, being the BlakEnergy #1 Garner well (the “Well”) on the Marble Falls Prospect acreage. The Well will be located approximately at the surface coordinates of Longitude -98.2379022, Latitude 33.4396868 (the in Jack County, Texas. This Well will be drilled to a depth of approximately 6,400 feet to test the Strawn Sands, Caddo Lime, Marble Falls, Barnet Shale, and Ellenberger.
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The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone, analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage fraced wells in the Marble Falls and Mississippi limestone with positive results.
ON BEHALF OF THE BOARD
Joe DeVries, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to: availability of capital and financing required to continue the Company’s exploration programs and operations; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with participation agreements, leases, joint ventures and the ability to conclude such agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration and production; cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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