Tamarack Valley Energy Ltd. announce the following production and drilling update.
Tamarack is pleased to announce that based on field production estimates for November 2013, the Company averaged 4,473 boe/d (approximately 59% liquids) exceeding its guidance exit production rate of 4,200 to 4,300 boe/d. The Company remains on target to achieve its 2013 average production guidance of 3,150 to 3,250 boe/d.
Cardium Drilling Update
Tamarack successfully drilled its first 2-mile horizontal Cardium oil well in the Buck Lake area of Alberta. The 2-mile Buck Lake well was successfully stimulated with a 30-stage slick water fracture treatment. During its first 30 days on production, based on field estimates, the well averaged 367 boe/d consisting of 296 bbls/d (222 net) of oil and natural gas liquids and 423 mcf/d (317 net) natural gas. Initially constrained by its lifting equipment during its first 40 days on production, the well was re-equipped with an optimized bottom hole pumping assembly to handle a lower gas/oil ratio.