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Strata Oil & Gas Inc. Message Board

  • wyattkap wyattkap Mar 26, 2013 5:54 PM Flag

    Peace River and neighbor Baytex comments on their area moving forward.

    PEACE RIVER: Watch their video. No properties better exemplify Baytex's future growth potential than the Peace River oil sands of northwest Alberta. Since the beginning of 2000, we have accumulated 306 sections of oil sands leases and grown production from zero to a current rate of approximately 21,000 bbl/d at Q4 2012. During 2012, we drilled 33 cold horizontal production wells, five cyclic steam stimulation ("CSS") wells and 18 stratigraphic test wells in the Peace River area. Through the fourth quarter of 2012, we have drilled 142 oil wells with a 100% success rate.

    Our proved plus probable reserves total 110.0 mmbbl, consisting of 63.6 mmbbl of primary (cold) reserves and 46.4 mmboe of bitumen reserves associated with the Cliffdale CSS project. The Contingent Resource Assessment for Peace River, prepared by Sproule Associates Limited, as at December 31, 2012, equaled 458 mmbbl, 551 mmbbl and 781 mmbbl of oil and bitumen per the low, best and high estimates, respectively.

    We will continue to focus on development at Peace River, and note that it will attract a larger percentage of our 2013 capital budget than any other project in our asset portfolio. In 2013, we expect to drill approximately 37 cold multi-lateral horizontal wells, 15 CSS wells, 28 stratigraphic test wells and five service wells. The purpose of the stratigraphic test wells is to improve delineation of our land base and guide development well trajectories.

    The vast resource base, combined with the exceptional capital and production efficiencies Baytex has achieved, offers significant upside potential, making Peace River one of our main areas of development focus going forward.

    Sentiment: Strong Buy

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