Exploring Prairie Provident's Latest Basal Quartz Developments

Exciting Drilling Updates from Prairie Provident Resources

Prairie Provident Resources Inc. has recently made significant strides in its drilling operations, particularly in the Michichi area of Central Alberta. The progress from their first two Basal Quartz wells marks a noteworthy advancement for the company.

Recent Drilling Operations Overview

The journey began with the spudding of the first Basal Quartz horizontal well, located at 102/03-19-030-18W4, on a day last fall. After nine days of drilling, the team successfully completed the fracture stimulation process, bringing the well on-stream through production test facilities later that November. Within just 25 days, the well showed a commendable initial 30-day average production rate—approximately 275 bbl/d of medium crude oil alongside 850 Mcf/d of natural gas, translating to around 415 boe/d. These production figures highlight the well's robust performance, as it continues to flow while optimizing reservoir management through moderate production restrictions.

Further Insights on Second Well Performance

Shortly after, the company commenced drilling the second well, 100/15-32-029-18W4, which was completed in record time; it took just seven days to both drill and fracture stimulate. This well, operational as of mid-November, has been undergoing a cleanup phase and achieved an impressive 21-day average production rate of about 240 bbl/d of medium crude oil and 800 Mcf/d of natural gas, or roughly 375 boe/d. However, due to a downhole mechanical issue, only a part of the well's lateral was successfully fracture stimulated, which the company views as an opportunity for enhancing future production rates through upcoming infill locations.

Strategic Adjustments to Production Expectation

In light of the ongoing reservoir management efforts, Prairie Provident has recalibrated its Basal Quartz type curve to better align with realistic production expectations. The updated curve reflects a more gradual decline rate and an estimated payout time of just seven months, factoring in the current pricing environment. This proactive approach illustrates the company's commitment to effective resource management while ensuring optimal production rates from its wells.

Current Production and Future Potential

Currently, Prairie Provident is producing approximately 2,800 boe/d, with exciting prospects on the horizon. The company has identified over 40 potential drilling locations within the Michichi area, which are not yet reflected in the latest independent reserve evaluation data. This opens up a promising avenue for future exploration and development, particularly as the firm continues focusing on its primary reservoir formations and integrates them into its production strategy.

About Prairie Provident Resources

Rooted in Calgary, Prairie Provident stands at the forefront of oil and natural gas exploration and development in Alberta. The company's growing interest in the Basal Quartz trend exemplifies its adaptability and focus on innovative resource management techniques.

Contact Information

For more information regarding Prairie Provident Resources Inc. and its exciting developments, interested parties can reach out via the following contact details:

Prairie Provident Resources Inc.
Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: info@ppr.ca

Frequently Asked Questions

What recent developments has Prairie Provident announced?

Prairie Provident updated on the performance of its first two Basal Quartz wells, highlighting their production rates and operational timelines.

What production rates are reported from the new wells?

The first well achieved about 275 bbl/d of crude oil and 850 Mcf/d of natural gas, while the second well reported approximately 240 bbl/d and 800 Mcf/d.

How many drilling opportunities has Prairie Provident identified?

The company has more than 40 potential drilling opportunities within its Michichi lands, which may enhance expected future production.

What is the significance of the updated type curve?

The updated type curve indicates a lower initial production rate and more gradual decline, resulting in a projected payout time of around seven months.

How can stakeholders get in touch with Prairie Provident?

Stakeholders can contact Prairie Provident through Dale Miller at the phone number provided in this article or via email.

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