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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (7903)	9/15/2014 7:58:36 AM
From: Goose94	Read Replies (1) \| Respond to of 203018

Arsenal Energy (AEI-T) Sept 15, '14 has provided an operations update. At Princess in Alberta, Arsenal has completed all tie-in operations, battery debottlenecking and water disposal upgrades. Current total production from Princess is approximately 1,500 barrels of oil equivalent per day (80 per cent oil). In August, Arsenal commissioned Deloitte LLP, to prepare an independent reserve evaluation of Arsenal's Princess Mannville HHH pool. The pool, developed by Arsenal in 2014, is approximately one section in size with four wells currently producing approximately 750 barrels of oil equivalent per day (95 per cent oil). The report effective Sept. 30, 2014, recognizes total proved plus probable recoverable reserves of approximately 1.4 million barrels of oil equivalent with a net present value (discounted at 10 per cent) of approximately $44.9-million. These reserves were not recognized in Arsenal's 2013 year-end evaluation. Details of the new report can be found on SEDAR and on Arsenal's website. The new report does not include reserves from two wells drilled into other Princess pools in 2014. However, Arsenal intends to have such wells evaluated as part of Arsenal's year-end reserves evaluation process. Production additions at Princess were delayed through the third quarter by weather and regulatory matters. Third-quarter total company production is expected to average approximately 4,700 barrels of oil equivalent per day. Plans for the remainder of the year at Princess include drilling of one water injector and four new pool exploration wells.