Twin Butte Energy Ltd. (TSX: TBE) has completed one of the most active quarters in Company history and is pleased to provide an operational update on the Company's third quarter activity.
To date during the quarter Twin Butte has drilled 12 gross (12 net) wells including the Montney earning well in the Brassey area of NE British Columbia, and has 8 wells currently in the completion or tie-in stage. The Brassey horizontal well has been cased, completed and is currently being flow tested. As a result Twin Butte has earned a 60% working interest in all 4 sections of the Brassey land block.
In the Kelly area of NE British Columbia a second earning well was spud on September 19th to test the Montney and Doig formations fulfilling the spud commitment for the second 11 section earning block. Additionally, during the quarter the Company completed a 4 well drilling program at Bulwark, a 2 well program at Thunder, a 2 well program at Provost, a 2 well program at Richdale and a 1 well program at Lagarde with ongoing completion and tie in activities in all areas.
Twin Butte remains on track with the planned capital expenditure program to meet our exit production target. In the second half, a significant portion of capital has been allocated towards the NE British Columbia Montney resource play earning wells. While capital expenditures on these projects are significant, this will position the Company with a material land base in a world class resource play that represents a significant growth opportunity for Twin Butte shareholders. -- www.cnxmarketlink.com
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