CALGARY, ALBERTA--(Marketwire - Sept. 26, 2012) - Waldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") is pleased to provide an operational update regarding the 100% working interest Waldron Crystal 2-28-44-3W5 horizontal Glauconitic well (the "2-28 well"). The 2-28 well has been successfully drilled, completed and tied in. During the 17 hour test period, the well's final flow rate was 6.5 mmscf/d with a flowing pressure of 750 psi. This well is expected to be placed on continuous production before September 30, 2012.
This is the Corporation's third horizontal Glauconitic liquids-rich natural gas well drilled at Crystal. Waldron expects that the 2-28 well will average approximately 700 boe/d (3.0 mmscf/d gas with 240 bbls/d of natural gas liquids) over the first ninety days of production. Waldron has identified several additional development Glauconitic well locations at Crystal.
The Corporation is continuing with its drilling program and will spud its next well within 30 days.
Third quarter exit production (including the 2-28 well) is expected to be approximately 3,100 boe/d. Waldron's production for the third quarter is expected to average 2,400 boe/d. Production for the fourth quarter of 2012 is expected to average 2,900 to 3,000 boe/d.
Waldron is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are currently listed on the TSX under the trading symbol "WDN." Additional information regarding Waldron is available under the Corporation's profile at www.sedar.com or at the Corporation's website, www.waldronenergy.ca.
Forward Looking and Cautionary Statements
This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations.
Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "should," "plan," and similar expressions suggesting future outcomes, and include statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to production rates; timing of licensing new wells; whether or not drill wells are on the Hoadley trend; and number of follow-up drill wells. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Waldron believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Waldron does not undertake any obligation to publicly update or revise any forward-looking statements.
Note Regarding BOEs
The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.