Global Leader in International Oil and Gas Industry News

posted in:

Arsenal Energy Inc. releases operational update

Tuesday, Jan 15, 2013

Arsenal Energy Inc. ("Arsenal" or the "Company") (TSX:AEI) (PINKSHEETS:AEYIF) is pleased to announce that during December 2012, field production averaged approximately 4,100 boe/d. In addition, approximately 500 boe/d of North Dakota Bakken production was behind pipe and is expected to be placed on production in Q1 2013. Bakken differentials have narrowed to approximately $2.50 per barrel compared to WTI. In North Dakota, Arsenal plans to drill 2 (.33 net) wells in Q1 2013, 2 (1.25 net) wells in Q2 2013, and 3 (.23 net) wells in Q3 2013.

Arsenal's initial well at Princess continues to produce in excess of 180 boe/d after 90 days. During Q4 2012 Arsenal shot additional 3D seismic and purchased additional acreage. The Company has now identified approximately 20 drilling locations on its Princess lands. Arsenal plans to drill 3 wells at Princess in Q1 2013, and 7 wells starting after spring breakup.

Arsenal expects its North Dakota properties to generate cash flow in excess of capital requirements starting in late 2013. In anticipation of that eventuality, the Company together with its advisors is analyzing efficient alternatives by which excess cash flow may be returned to shareholders.

To receive Company news releases via e-mail, please advise info@arsenalenergy.com and specify "Arsenal Press Releases" in the subject line.

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Aquaterra Energy wins Premier Oil Catcher Drill Centre Template contract 23-04-2014
Claxton’s camera upgrade puts crane safety in the picture 23-04-2014
Elk acquires the Singleton Unit in Nebraska 23-04-2014
Longreach prepares to drill into target Liassic formation with Kamar-1 well in Morocco 23-04-2014
Chevron unveils PitPack motor oil dispensing system 23-04-2014
Farstad Shipping ASA - charter agreements 23-04-2014
Prysmian, € 30 m contract in Abu Dhabi 23-04-2014
Halliburton to build drilling, testing and training facility in Texas 23-04-2014
SEACON (europe) Ltd Receives A Queen’s Award for Enterprise in International Trade 23-04-2014
EnerJex Resources announces Niobrara operations update and development plans 23-04-2014