DENVER, CO--(Marketwired - January 23, 2014) - Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") today provided an interim operations update on recent drilling and completion activities along with its 2013 fourth quarter and year end production rates.
Drilling and Completion Operations Update
Emerald's drilling operations continue with two rigs currently operating in the Low Rider project area in McKenzie County, North Dakota. The Company intends to add a third operated drilling rig beginning in April 2014.
Subsequent to Emerald's last operational update in early November 2013, the Company drilled and completed 3.9 net wells that are now producing. Emerald currently has 6.9 net wells drilling, completing or waiting on completion early in the first quarter of 2014.
2013 Production Update
During the fourth quarter of 2013, Emerald averaged approximately 2,430 BOEPD from its operated drilling program. This represents an increase of 103% compared to the fourth quarter of 2012, and a 30% increase compared to the third quarter of 2013. The Company exited 2013 producing approximately 2,630 BOEPD.
Results from Emerald Operated Wells
|Well Results (BOEPD)|
|24 Hour||30 Day||60 Day||90 Day|
|Hot Rod 1-27-26H||1,589||661||562||650|
|Hot Rod 4-27-26H||1,780||530||490||-|
|Excalibur 4-25-36H (Three Forks)||1,113||573||-||-|
McAndrew Rudisill, Emerald's Chief Executive Officer, said, "Emerald is very encouraged by the results of our first well into the Three Forks formation, the Excalibur 4-25-36H. The well confirms the Three Forks resource in our acreage position in McKenzie County, ND. We now plan on drilling more Three Forks wells in conjunction with our Middle Bakken development program for 2014. Emerald exceeded both our average and exit rate production forecasts for 2013. Our production growth will further accelerate in 2014 with the addition of the third rig."
Emerald is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations and Pronghorn sand oil formation. Emerald is based in Denver, Colorado. More information about Emerald can be found at www.emeraldoil.com.
This press release may include "forward-looking statements" within the meaning of the securities laws. All statements other than statements of historical facts included herein may constitute forward-looking statements. Forward-looking statements in this document may include statements regarding the Company's expectations regarding the Company's operational, exploration and development plans; expectations regarding the nature and amount of the Company's reserves; and expectations regarding production, revenues, cash flows and recoveries. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in oil and natural gas prices, uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and natural gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.