Contact Exploration Provides Operations Update
CALGARY, ALBERTA--(Marketwired - Sept. 9, 2013) - Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) is pleased to announce that the fourth Contact-operated Kakwa Montney well, at 5-23-63-6 W6M (the "5-23 Well") has been successfully drilled horizontally to a total measured depth of 5017 meters. The 5-23 Well included a planned vertical stratigraphic penetration, whereby a full suite of logs throughout the Montney Formation was acquired and full diameter core data through the Upper and Middle Montney intervals was retrieved, allowing Contact to further calibrate the 5-23 Well and the other wells in the area. The drilling of the 5-23 Well was accomplished on time and on budget. Completion of the 5-23 Well, to include multi-stage fracing and flow testing, is anticipated to be concluded by late October 2013. Contact holds a 25% working interest in the 5-23 Well.
Contact is now mobilizing the drilling rig in anticipation of spudding the Company's fifth operated well at Kakwa by mid September 2013.
Lease construction of the Company's central compressor site is ongoing, with mechanical installation set to begin in early October 2013. Upon completion, this centralized facility will receive production from all Contact-operated Kakwa wells. The facility has been designed to reduce pipeline flowing pressures, assisting with both liquids lifting capacity in the wellbores and further pressure reduction on the reservoirs, and is also expected to eliminate the need for equipment currently employed at well sites to separate free condensate from natural gas. The facility remains on schedule for start-up prior to calendar year end.
Contact has been advised by the operator of the Kakwa Montney well at 14-2-63-6 W6M (the "14-2 Well") that this well is expected to be placed on production by the end of September 2013. Contact holds a non-operated 23.75% working interest in the 14-2 Well.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta's liquids-rich Montney Formation tight gas play. For more information, please see the Company's website: www.contactexp.com
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