Encana Earnigs Call on October 23rd Dripping With Duvernay..
From Encana's Oct 23rd Earnings Press Release.....
ZEX has now over 150000 Acres of Oil rich shale Oil in CA and Now the Highly sought after Duvernay, there is no land left, all bought up.The Big Boys are already drilling and producing just miles from each location. Just a matter of time before JV or Buy out.
Read below ENCANA's CC::::::::::::
"In the Duvernay play of west-central Alberta, the Company's 8-5 well, which had an initial production rate of 1400 bbls/d of field condensate and 4 MMcf/d of natural gas over its first 30 days, continues to exceed expectations producing at a rate of 350 bbls/d of condensate and 2 MMcf/d of natural gas after more than 160 days.
To date, the well has produced over 100 thousand barrels of field condensate and 400 million cubic feet of natural gas. Overall, 12 horizontal wells have been completed in the play with 10 on production and two currently being tied in. Free condensate yield results remain strong with a range of 45 to 300 barrels per million cubic feet (bbls/MMcf)."
Encana Earnings Conference call, October 23rd. The word, "Duvernay" was mentioned 18 times.
Encana 2nd qtr conference call, there were 8 mentions of the word, "Duvernay."
Selected Highlights of October 23rd Encana Earnings Call....
Michael G. McAllister – Designated COO says early on in the call,
"In the Duvernay, our 805 well continues to exceed expectations producing at a rate of 350 barrels per day condensate and 2 million cubic feet per day of natural gas after more than a 160 days. To-date the well has produced over 100,000 barrels of field condensate and 400 million cubic feet of natural gas.
I’d also like to announce that we recently completed the 931 well in the Simonette Duvernay and we are about one week into fallback operations, the well is still cleaning up, but we’re seeing very strong well performance with the initial rate somewhere like those of the 805 well. The well is currently producing about 4.5 million cubic feet of natural gas per day and over 1,100 barrels per day of lease condensate."
Q&A highlights on the Duvernay....
"In Canada we’re adding to our Duvernay position, we’ve added primarily on lands which were already within our core area in the Duvernay."
"Duvernay will be under the emerging and it’s going to be still as an emerging play being evaluated, we have a clear line of sight of taking that commercial, declaring it commercial and growing it into next year. Very encouraged on the well reserves that we saw in Simonette with over 1,000 barrels per day on our latest well, which still cleaning up I should mention."
"This is Doug, [CEO] just to add one thing, I think that we’re obviously very encouraged per what we see in the Duvernay and one of the things we’re working on quite hard now is how quickly can we ramp that up, I think the current forecast isn’t fast enough and one of the areas of focus is, how do we make that faster..."
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