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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Cuda Oil and Gas Inc    CUDA   CA22972X1050

CUDA OIL AND GAS INC

(CUDA)
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Cuda Oil and Gas Inc :. Announces Commencement of Commercial Injection and Reservoir Response at Barron Flats Shannon Secondary Recovery Unit Powder River Basin, Wyoming

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12/12/2019 | 10:03am EDT

CALGARY - Cuda Oil and Gas Inc. ('Cuda' or the 'Company') (TSXV: CUDA) is pleased to announce that full scale injection operations have commenced at the Barron Flats Shannon Unit ('SSRU') in Converse County, Wyoming.

Glenn Dawson, President and Chief Executive Officer of Cuda, stated: 'The Company has now moved to a full-scale optimized, gas flood development program at SSRU. For further context, an analog pool at Sand Dunes Field located adjacent to SSRU realized production increases of 250% under a similar gas-injection secondary recovery scheme in the 1990's.'

Highlights

The injection of field solution gas into the William Valentine well commenced on June 28, 2019 to perform a cyclic gas stimulation test. From June 28, 2019 to November 30, 2019, approximately 35,000 mcf was injected at an average rate of 350 mcf/d.

The Company commissioned the Central Delivery Point ('CDP') facility at the beginning of December. Today, the CDP is injecting liquid-rich Shannon Field solution gas and Y-Grade condensate into the William Valentine injection well at an average rate of approximately 1750 mcf/d at 800 psi tubing pressure. This remains below the WOGCC approved injection capability of 2360 psi tubing pressure.

The current commercial rates of injection volumes are approximately five (5) times those of the cyclic stimulation test.

Simultaneously, gas-oil ratios ('GOR') from the adjacent wells trended lower following the commencement of injection, a positive indication of increasing reservoir pressure in the Shannon undersaturated oil reservoir.

Given the positive performance of the current injection efforts, the Company advises that the number of gas-flood patterns currently being developed has increased from seven (7) to eight (8), of which six (6) are expected to be operational by year-end 2019.

About Cuda Oil and Gas Inc.

Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil in Wyoming and Alberta properties. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource- based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.

Contact:

Glenn Dawson

Tel: (403) 454-0862

Forward-Looking Information

This news release contains forward-looking information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to the Company's gas flood development program and anticipated results from the program. Risk factors that could prevent forward-looking statements from being realized include market conditions, third party and regulatory approvals, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Oil and Gas Advisories

This news release provides certain information relating to production increases from gas-injection operations on properties in close proximity to the Company's properties, which is 'analogous information' as defined by applicable securities laws. This analogous information is derived from publicly available information sources, which Cuda believes are independent in nature. Estimates by engineering and geotechnical practitioners may vary and the differences may be significant. Cuda believes that the provision of this analogous information is relevant to its activities and forecasting, given its interest in properties in the area; however, readers are cautioned that there is no certainty that any forecasts provided herein based on analogous information will be accurate.

(C) 2019 Electronic News Publishing, source ENP Newswire

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Managers
NameTitle
R. Glenn Dawson President, Chief Executive Officer & Director
Ron Purvis Chief Financial Officer
Chad Gutor Vice President-Engineering
Jean-Yves Lavoie Director
Guylaine Saucier Independent Director
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