Crocotta Energy provides operational update
Thursday, Nov 29, 2012Crocotta Energy Inc. ("Crocotta" or the "Company") (TSX:CTA) is pleased to announce that current production is estimated to be 8,200 boepd (67% gas; 33% light oil and natural gas liquids). Crocotta is currently drilling at Edson and projects it will have an additional 2 (1.0 net) cardium wells and 1 (1.0 net) Bluesky wells on production by mid-December and, based on type curves, will exceed its exit target of 8,500 boepd with an approximate $90 million in 2012 capital expenditures.
Initial production rates for both Bluesky and Cardium have been at or above our type curves with drilling and completion costs coming in slightly below our estimates. Given current reduced costs combined with our drilling success to date, Crocotta is looking at drilling 1 (1.0 net) cardium well, 1 (0.60 net) Bluesky well and completing 1 (1.0 net) Montney well that was originally budgeted for 2013. The corresponding costs would be additive to the 2012 capital expenditures above and such wells would be completed and onstream during Q113.
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