TriOil Resources increases production by 80 percent year over year to hit exit target and provides operational update
Monday, Jan 14, 2013
CALGARY, Jan. 13, 2013 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company" - TSXV:TOL) is pleased to announce that its year-end exit production exceeded 3,450 boe/d (70% oil and liquids) based on field estimates, in line with its 3,400-3,600 boepd guidance. We achieved strong production growth in 2012, entirely through the drill bit, with corporate production up 80% from our 1,900 boepd 2011 exit production rate. Current production exceeds 3,600 boepd (70% oil and liquids) based on field estimates and our 2013 light oil development programs at Lochend and Kaybob are off to active and encouraging starts to the
year. We are planning to provide details of our 2013 capital plan and guidance together with a detailed operational overview in early February, 2013. In the interim, we are pleased to provide the following operations update.
TriOil has established strong operational positions in two top-tier light oil
resource projects at Lochend and Kaybob. Both projects are delivering strong netbacks and solid capital efficiencies and provide TriOil with repeatable, scalable light oil development growth potential for the next several years.
At Lochend, TriOil now has 13 (6.44 net) producing Cardium horizontal wells in Central/West Lochend with an average IP30 of 331 boe/d (82% oil and liquids) and 6 (4.0 net) producing wells in East Lochend with an average IP30 of 180 boe/d (90% oil and liquids). We drilled 11 (6.25 net) Cardium horizontal wells at Lochend in 2012 and our 2013 development program is underway with 2 (1.0 net) Cardium horizontal wells currently drilling in Central/West Lochend. TriOil owns 96 (70 net) sections at Lochend and our de-risked Cardium light oil drilling inventory currently stands at 97 net horizontal locations.
Our Kaybob/Bigstone Dunvegan light oil project has grown very rapidly in the past year. TriOil drilled 16 (11.1 net) horizontal wells at Kaybob in 2012 and currently has 14 (8.9 net) wells with an average IP30 of 322 boe/d (85% oil and liquids). At Bigstone, TriOil drilled 3 (0.75 net) horizontal wells in 2012 with an average IP30 of 290 boe/d (55% oil and liquids). We are currently drilling 1 (1.0 net) horizontal well at Kaybob and are planning an active development drilling program at Kaybob in 2013. Our current de-risked Dunvegan light oil drilling inventory currently stands at 30 net horizontal locations.
An updated presentation has been posted on the Company's website at
www.trioilresources.com. The corporate presentation will be located under the Investor Information - Presentations page of the website.
TriOil is a Calgary, Alberta based company engaged in the exploration,
development and production of petroleum and natural gas. TriOil has
approximately 64.0 million common shares issued and outstanding (70.1 million fully diluted). The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.
SOURCE TriOil Resources Ltd.
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