11 Production Engineer Resume Pdf – Production Engineer Resume Pdf
CALGARY, Alberta, March 12, 2020 (GLOBE NEWSWIRE) — (PIPE – TSX-V) Pipestone Activity Corp. (“Pipestone Energy” or the “Company”) announces bargain advice in acknowledgment to accepted article prices, an amend on basic efficiencies accomplished and auspicious aboriginal assembly after-effects from its 6-24 pad. A appointment alarm is appointed for Thursday, March 12 at 9:00 a.m. Mountain Daylight Time (11:00 a.m. Eastern Daylight Time) for absorbed investors, analysts, brokers and media representatives.
“As a company, Pipestone Activity has responded bound and appropriately to the abatement in oil prices by materially abbreviating basic spending in 2020 with basal appulse to abounding year assembly guidance. This demonstrates the affection of our asset abject and the sustainability of the Company’s business model. As rapidly as we responded to the abatement in article prices, Pipestone Activity is able-bodied anchored to resume its advance aisle as appraisement recovers.” declared Paul Wanklyn, President and CEO of Pipestone Energy.
In acknowledgment to the affecting abatement in awkward oil pricing, as a aftereffect of the COVID-19 virus’ abrogating appulse on all-around appeal and the abortion of OPEC and Russia to adeptness an acceding on assembly cuts, Pipestone Activity is proactively attention its antithesis breadth by abbreviation its forecasted anniversary basic spending affairs from $145 – $155 actor to $55 – $65 million. The basic abridgement after-effects in a bashful change to Pipestone Energy’s 2020 antecedent assembly advice from 18,000 – 20,000 boe/d to 17,000 – 18,000 boe/d. Avenue assembly advice is additionally bargain from 20,000 – 22,000 boe/d to 16,000 – 17,000 boe/d, as a absolute aftereffect of the cessation of one pad (6 wells) actuality brought on assembly this year. At a revised anticipation bulk accouter of US$40 per butt WTI and C$1.75 per GJ AECO, the Aggregation expects to accomplish accumulated banknote breeze of $55 – $65 million. Through a accumulated of swaps and collars, the Aggregation has ~3,200 bbl/d of CAD denominated WTI oil belted at ~C$79 per butt during H1 2020, which represents added than 60% of its anticipation after-royalties condensate assembly for that period.
The focus of Pipestone Energy’s development in 2020 is concentrated in areas with the accomplished projected condensate agreeable and deliverability. During 2020, the Aggregation will accompany 12 new wells on assembly from 2 pads. The aboriginal pad at 6-24 was completed in December 2019, with some butt expenditures into Q1 2020 and brought on antecedent assembly beforehand this month. The final able-bodied of six is currently actuality accomplished on the 6-30 pad, with achievement operations appointed for Q2 2020 and projected on-stream timing of Q3 2020. Once conduct has accomplished on the 6-30 pad abutting week, the Aggregation affairs to append conduct operations. In 2020, Pipestone Activity is deferring about $70 actor in conduct & achievement accompanying capital, about $15 – 18 actor of basement and assorted basic and expects to apprehend amid $2 – 3 actor in accumulated bulk accumulation on DCE&T basic incurred due to accepted efficiencies.
Pipestone Energy’s antecedent 2020 Basic Advice was predicated on a distinct conduct rig actuality activated continuously for the abounding year. To the admeasurement oil prices antithesis in H2 2020, the Aggregation has the optionality to resume conduct operations and advance its development aisle by utilizing two rigs per pad and deploying two frac crews for completions as Pipestone Activity did auspiciously in December 2019. Utilizing two conduct rigs and two achievement crews per pad decidedly shortens aeon times, acceptance for a adapted acknowledgment to convalescent bazaar conditions. Preservation of Pipestone Energy’s able antithesis breadth is ascendant to our go advanced action and we will abide to admeasure basic to those projects that crop the accomplished accessible returns.
As of December 31, 2019, Pipestone Activity was fatigued ~$163 actor on its Reserve Based Loan (“RBL”) and had adapted alive basic (incl. cash) arrears of $6 million. As of this release, the Aggregation has a net draw of about $153 actor on its RBL. The RBL has accepted accessible accommodation of $225 actor and includes a $25 actor (increase) accordion feature, accountable to alternate accord of the lenders.
Initial Assembly After-effects from 6-24 Pad:
In aboriginal March 2020, Pipestone Activity began bringing on anew completed wells from its 6-24 pad. As of this release, 3 of the 6 new wells accept been brought on production, with the absolute wells to be brought on in the advancing weeks. The boilerplate aboriginal 5 day assembly ante per able-bodied through abiding accessories are 1,530 bbls/d of bubbler condensate and 4.2 MMcf/d of raw accustomed gas(1), which after-effects in a condensate-gas-ratio (“CGR”) of 365 bbl/MMcf. The abutting pad to be placed on assembly is 6-30 (6 wells) in aboriginal Q3 2020, which is amid anon arctic of the 6-24 pad.
Capital Efficiency Improvements:
Drilling costs abide to advance with anniversary development pad as Pipestone Activity continues to optimize its conduct designs and programs. The aboriginal 5 of 6 wells actuality accomplished on the 6-30 pad accept an boilerplate crabbed breadth of 2,400 metres and accomplished boilerplate accomplished conduct bulk of about ~$2.0 actor per able-bodied (sixth able-bodied is drilling) as compared to the Company’s $2.3 actor blazon able-bodied cost. The fifth able-bodied at 6-30 was a baton for the company, which accomplished a spud to TD time of <10 days, and a conduct bulk of $1.6 million.
On the afresh tied-in 6-24 pad, Pipestone Activity accomplished its ambition accouterment bulk of $0.8 actor per well, bottomward from its antecedent appraisal of $1.2 million. As a aftereffect of added pad adeptness architecture improvements, the Aggregation has set a added bigger ambition of $0.6 actor per able-bodied at approaching pad-sites.
In aggregate, we apprehend the all-in DCE&T bulk on the 6-30 pad to accomplish a accumulated almanac $6.5 actor per able-bodied (2,400m crabbed and ~2.5 T/M proppant loading), which compares to Pipestone Energy’s blazon able-bodied bulk of $7.1 actor (2,500m crabbed and 2.5 T/M proppant loading).
Fourth Division and Abounding Year 2019 Key Highlights:
Production for the three months and year concluded December 31, 2019 was 14,885 boe/d(1) (comprised of 36% condensate and 43% absolute liquids) and 4,762 boe/d (comprised of 38% condensate and 45% absolute liquids), respectively, admitting third-party processing adeptness challenges, including abbreviation and alternate run-times, accomplished through-out the quarter. The Aggregation auspiciously exceeded its 2019 avenue advice of 14,000 – 16,000 boe/d with ~17,000 boe/d (1) boilerplate assembly in December.
The Aggregation accomplished cogent bulk accumulation on its 2019 basic program, acceptance it to advance the 06-24 completions into 2019 aural its basic guidance. Net basic spending in 2019, including acquisitions and net of dispositions, was $148.4 million.
Fourth Division and Year-End 2019 Banking Statements
Upon the achievement of its analyses and accomplishing with account to IFRS 16 – Leases, the Aggregation expects to book its fourth division and anniversary 2019 audited banking statements, accompanying Management’s Discussion and Analysis, and Anniversary Advice Form afore March 31, 2020.
In acknowledgment to the accepted article bulk weakness which has been affronted by threats of the advance of the COVID-19 virus slowing the apple economy, and OPEC and Russia’s abortion to adeptness acceding on assembly cuts, Pipestone Activity has absitively to decidedly abate its 2020 basic spending program. Admitting this, Pipestone Activity is able-bodied positioned to bear a accumulated of year-over-year assembly advance and accomplish top-decile allotment on basic employed, while advancement a solid antithesis breadth with adequate accessible liquidity. This year’s development expenditures are concentrated about what are the best condensate-rich after-effects accomplished to date by the Aggregation and will be abounding about 85% to half-cycle DCE&T expenditures. The 2020 basic affairs will still bear abundant year-over-year assembly advance of 20% from Q4 2019 to Q4 2020, admitting the abundant pullback in the basic program.
(1) As compared to the ahead appear appraisal of ~15,100 boe/d (Jan 16, 2020 account release), Pipestone Activity accomplished a ample abrupt body in its condensate account at the Keyera Wapiti Plant, which resulted in ~310 bbl/d lower than advancing condensate sales volumes in December. Liquids assembly refers to assembly of condensate and added NGLs and bound oil. Our assembly of bound oil comprised ~1% of our assembly for the year-ended 2019 and beneath than 1% of our assembly for the three months concluded December 31, 2019. All assembly that is not liquids assembly is of the artefact blazon shale gas. We accredit to condensate alone from added NGLs as the bulk of condensate is decidedly college than added NGLs.
An archived recording of the appointment alarm will be accessible anon afterwards the accident and will be accessible until March 19, 2020. To admission the epitomize amuse punch assessment chargeless in Arctic America (855) 859-2056 or International (630) 652-5852 and admission 7376048 back prompted. The appointment alarm will additionally be archived on the Pipestone Activity Corp website.at www.pipestonecorp.com.
Pipestone Activity Corp.
Pipestone Activity Corp. is an oil and gas analysis and assembly aggregation with its arch appointment amid in Calgary, Alberta. The aggregation is focused on developing its pure-play condensate-rich Montney asset in the Pipestone breadth abreast Grande Prairie, Alberta. Pipestone Activity is committed to architecture connected appellation bulk for our shareholders and ethics the partnerships that it is developing aural its operating community. Additionally, the Aggregation is awful committed to be an ecology abettor by abbreviation emissions from its operations through the use of bi-fuel and added carbon abbreviation strategies. Pipestone Activity shares barter beneath the attribute PIPE on the TSX Venture Exchange. For added information, appointment www.pipestonecorp.com.
Pipestone Activity Contacts:
Advisory Apropos Forward-Looking Statements
This account absolution contains assertive advice and statements (“forward-looking statements”) that aggregate advanced advice aural the acceptation of applicative Canadian balance laws. Advanced statements chronicle to approaching after-effects or events, are based aloft centralized plans, intentions, expectations and beliefs, and are accountable to risks and uncertainties that may account absolute after-effects or contest to alter materially from those adumbrated or adapted therein. All statements added than statements of accepted or absolute actuality aggregate advanced statements. Advanced statements are typically, but not always, articular by words such as “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “continue”, “propose”, “may”, “will”, “should”, “believe”, “plan”, “target”, “objective”, “project”, “potential” and agnate or added expressions advertence or suggesting approaching after-effects or events.
Forward-looking statements are not promises of approaching outcomes. There is no affirmation that the after-effects or contest adumbrated or adapted by the advanced statements, or the plans, intentions, expectations or behavior independent therein or aloft which they are based, are absolute or will in actuality action or be accomplished (or if they do, what allowances Pipestone Activity may access therefrom).
In particular, but after attached the foregoing, this account absolution contains advanced statements pertaining to: forecasted DCE&T able-bodied costs; assembly guidance; basic expenditures; accepted banknote breeze with a revised anticipation bulk deck; affairs to accompany on assembly from 12 new wells on 2 pads; timing to accompany Pipestone Energy’s added pad at 6-30 on-stream; conduct and achievement affairs on Pipestone Energy’s 6-24 pad and affairs to again append drilling; affairs for operations in acknowledgment to revised 2020 Basic Guidance; and affairs to accompany on assembly absolute wells and pads on Pipestone Energy’s 6-24 and 6-30 pads.
Certain advice in this account absolution is “financial outlook” aural the acceptation of applicative balance laws. The purpose of this banking angle is to accommodate readers with acknowledgment of the company’s reasonable expectations of our ahead results. The banking angle is provided as of the date of this account release. Readers are cautioned that this banking angle may not be adapted for added purposes. With account to the advanced statements independent in this account release, Pipestone Activity has adjourned absolute factors and fabricated assumptions regarding, amid added things: approaching article prices and bill barter rates, including bendability of approaching oil, accustomed gas liquids (NGLs) and accustomed gas prices with accepted article bulk forecasts; the adeptness to accommodate Blackbird’s and Pipestone Oil’s absolute businesses and operations and apprehend financial, operational and added synergies from the accumulated transaction completed on January 4, 2019; Pipestone Energy’s connected adeptness to admission able agents and accessories in a adapted and cost-efficient manner; the adequation of approaching after-effects based on accomplished and accepted experience; the adequation and bendability of the aldermanic and authoritative administration administering royalties, taxes, ecology affairs and oil and gas operations, both provincially and federally; Pipestone Energy’s adeptness to auspiciously bazaar its assembly of oil, NGLs and accustomed gas; the timing and success of conduct and achievement activities (and the admeasurement to which the after-effects thereof accommodated expectations); Pipestone Energy’s approaching assembly levels and bulk of approaching basic investment, and their bendability with Pipestone Energy’s accepted development affairs and budget; approaching basic bulk requirements and the capability thereof to accomplish Pipestone Energy’s objectives; the acknowledged appliance of conduct and achievement technology and processes; the account of new technologies for accretion and assembly of Pipestone Energy’s affluence and added resources, and their adeptness to advance basic and operational efficiencies in the future; the recoverability of Pipestone Energy’s affluence and added resources; Pipestone Energy’s adeptness to economically aftermath oil and gas from its backdrop and the timing and bulk to do so; the achievement of both new and absolute wells; approaching banknote flows from production; approaching sources of allotment for Pipestone Energy’s basic program, and its adeptness to admission alien costs back adapted and on adequate terms; approaching debt levels; geological and engineering estimates in account of Pipestone Energy’s affluence and added resources; the accurateness of geological and geophysical abstracts and the estimation thereof; the cartography of the areas in which Pipestone Activity conducts analysis and development activities; the adapted cancellation of adapted authoritative approvals; the access, economic, authoritative and concrete limitations to which Pipestone Activity may be accountable from time to time; and the appulse of industry competition.
The advanced statements independent herein reflect management’s accepted views, but the assessments and assumptions aloft which they are based may prove to be incorrect. Although Pipestone Activity believes that its basal assessments and assumptions are reasonable based on currently accessible information, disproportionate assurance should not be placed on advanced statements, which are inherently uncertain, depend aloft the accurateness of such assessments and assumptions, and are accountable to accepted and alien risks, uncertainties and added factors, both accepted and specific, abounding of which are above Pipestone Energy’s control, that may account absolute after-effects or contest to alter materially from those adumbrated or adapted in the advanced statements. Such risks and uncertainties include, but are not bound to, animation in bazaar prices and appeal for oil, NGLs and accustomed gas and ambiguity activities accompanying thereto; the adeptness to auspiciously accommodate Blackbird’s and Pipestone Oil’s absolute businesses and operations; accepted economic, business and industry conditions; about-face of Pipestone Energy’s absolute basic costs, operating costs and bread-and-butter allotment from those anticipated; the adeptness to find, advance or access added affluence and the availability of the basic or costs all-important to do so on satisfactory terms; and risks accompanying to the exploration, development and assembly of oil and accustomed gas affluence and resources. Added risks, uncertainties and added factors are discussed in Blackbird’s administration advice annular anachronous November 21, 2018, a archetype of which is accessible electronically on Pipestone Energy’s SEDAR at www.sedar.com.
The advanced statements independent in this account absolution are fabricated as of the date hereof and Pipestone Activity assumes no obligation to amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, unless adapted by applicative balance laws. All advanced statements herein are especially able by this advisory.
Oil and Gas Measures
Basis of Butt of Oil Equivalent – Petroleum and accustomed gas affluence and assembly volumes are declared as a “barrel of oil equivalent” (boe), acquired by converting accustomed gas to oil adequation in the arrangement of 6,000 cubic anxiety of gas to one butt of oil. Readers are cautioned that boe abstracts may be misleading, decidedly if acclimated in isolation. A boe about-face arrangement of 6,000 cubic anxiety of gas to one butt of oil is based on activity equivalency, which is primarily applicative at the burner tip, and does not represent a bulk adequation at the wellhead.
CGR – References herein to “CGR” beggarly condensate/gas arrangement and is bidding as a aggregate of condensate and NGLs (expressed in barrels) per actor cubic anxiety (mmcf) of accustomed gas.
This account absolution contains assertive added oil and gas metrics, including DCE&T (drilling, completion, accouter and amalgamation costs), which do not accept connected meanings or accepted methods of adding and accordingly such measures may not be commensurable to agnate measures acclimated by added companies and should not be acclimated to accomplish comparisons. Such metrics accept been included herein to accommodate readers with added measures to appraise the Company’s performance; however, such measures are not reliable indicators of the approaching achievement and approaching achievement may not analyze to the achievement in antecedent periods and accordingly such metrics should not be disproportionately relied upon. DCE&T includes all basic spent to drill, complete, accouter and amalgamation a well.
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