CALGARY, Alberta, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Vital Energy Inc. ("Vital") (TSX-V:VUX) is pleased to announce the following update on their S.W. Saskatchewan Core Project Areas:
Gull Lake Project Area: The 02-29-13-19 W3M vertical test well that was targeting oil production from the Roseray, Cantuar and Upper Shaunavon formations was completed and placed on production in late July 2017. The 02-29 well is producing 23.7 degree API medium gravity oil from the Upper Shaunavon formation. Oil production from the 02-29 well has not yet stabilized but has averaged 82 BOPD in the first 2 weeks. Water cut is less than 2%. Vital is the Operator of the Gull Lake Project Area and maintains a 50% working interest.
Pennant Project Area: The previously announced joint venture with Cerus Energy Group is proceeding. To date, Vital has acquired 3 of the 4 required surface leases necessary for the drilling of the seven (7) one (1) mile long horizontal Test Wells (Phase 1 Program). The first well license, Vital Battrum 15-20-18-17W3M, has been obtained. Lease construction will commence once all well licenses have been issued. It is anticipated that drilling operations will commence around the second or third week of September 2017. Approximately 33 potential drilling locations have been identified on only 5.25 sections (3,360 acres or 1,344 hectares) of the Pennant Project Lands. In April 2017, Vital acquired additional lands in the Pennant Project Area. Vital currently owns a 100% working interest in thirteen (13) contiguous sections of lands in Pennant Project Area (approximately 8,320 net acres or 3,328 net hectares). Vital is the Operator of the Pennant Area development project.
Vital announces an address change. New address is:
Vital Energy Inc.
Suite 888, 940-6th Avenue S.W.
Calgary, Alberta T2P 3T1
Vital Energy Inc. is a publicly traded junior oil and gas company (TSXV: “VUX”) whose primary focus is developing light and medium crude oil production in Western Canada.
For further information please contact:
Jeff Standen, President
Tel: (403) 615-5827
Fax: (403) 699-9660
Email: jstanden@vitalenergyoil.com
Or visit our website at:
www.vitalenergyoil.com
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of Vital Energy Inc. and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Vital Energy Inc., are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Vital's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vital. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Vital does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.