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APRIL 13, 2007 - 09:49 ET
Grey Wolf Provides First Quarter 2007 Operational Update
CALGARY, ALBERTA--(CCNMatthews - April 13, 2007) -
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Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) today announced that approximately $16.5 million of its 2007 capital budget was spent during the first quarter of 2007, of which 56 percent was directed to drilling and completions, 37 percent to facilities and pipelines, and 7 percent to land and seismic.
To-date, the Company has participated in 4 gross (2.75 net) successful wells, all drilled in the Pouce Coupe and Valhalla area. Two gross (1.0 net) wells were partner operated, have been completed and are expected to be on production during the second quarter. Two gross (1.75 net) wells operated by Grey Wolf were directionally drilled from existing producing well sites to minimize the surface footprint of our operations and to reduce costs and time to place the wells on production. The 2-17-77-10 W6M (GWE 100 percent working interest) well is the fourth well in section 17 that has been drilled in accordance with the four well per section downspacing approval received from the EUB late last year. This well tested natural gas production from the Montney and Doig zones at a combined gross rate in excess of 4 million cubic feet ("MMcf") per day, but will likely be placed on production at approximately half of the tested production rate. The second Grey Wolf operated well has been cased and completion operations are in progress. Both Grey Wolf operating wells are expected to come on production during the second quarter of 2007.
Grey Wolf is also very pleased to announce that construction of natural gas gathering systems in the Pouce Coupe and Valhalla areas to transport Grey Wolf's gas to the Gordondale East gas plant have been completed and production to this alternate processing facility commenced on April 12, 2007. This resolves the majority of the Company's curtailment issues that the Company has experienced over the past 11 months. Until operations have stabilized with these facilities, Grey Wolf is unable to provide meaningful information on the Company's production from this area. We will announce stabilized rates as soon as reasonably possible.
At Ladyfern, construction of a natural gas gathering system and compressor station has been completed and production has commenced to the Apache Hamburg gas plant on March 23, 2007. Grey Wolf's share of production for the first 10 days averaged 200 barrels of oil equivalent per day ("boe/d") which production includes the recently drilled and completed C-2-A well.
At Widewater, the CNRL operated shallow gas gathering system and compressor installation were completed and production commenced during mid-March. Compression at the Grey Wolf operating facilities was changed out during March to better match compression requirements to gas production. Grey Wolf's current production, including incremental production from Grey Wolf's share of the CNRL shallow gas is approximately 200 boe/d.
The calculation of barrels of oil equivalent ("boe") is based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil to estimate relative energy content and does not represent a value equivalency - boes may be misleading, particularly if used in isolation.
In Caroline, construction of battery facilities to bring on shut in Cardium production has commenced and the operator anticipates these facilities to come into service during the middle of May. Regulatory approval from the EUB for good production practices ("GPP") for this Cardium pool is still under consideration with expectations that approval will be granted soon. Grey Wolf's share of current production from the entire Caroline area is a bit less than 100 boe/d, with approximately 300 to 400 boe/d of Cardium production shut in waiting on battery construction and approval of GPP.
Grey Wolf also announced today that its corporate lenders have completed a review of the current $50 million credit facility and have advised that the terms remain unchanged.
Grey Wolf is an Alberta-based oil and natural gas company involved in the development and production of natural gas and crude oil in the Western Canadian Sedimentary Basin. It's common shares trade on the Toronto Stock Exchange under the symbol "GWE".
Forward-Looking Statements - Certain statements contained in this Annual Information Form constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this Annual Information Form should not be unduly relied upon. These statements speak only as of the date of this Annual Information Form. We assume no obligation to revise or update these statements except as required pursuant to applicable securities laws.
Grey Wolf Exploration Inc. Dawne L. Stirling Manager, Investor Relations and Corporate Secretary (403) 218-1473 Email: email@example.com Website: www.greywolf.ca