Eaglewood Energy Executes Stanley Unitisation Agreement
December 04 2013 - 8:00AM
Marketwired
Eaglewood Energy Executes Stanley Unitisation Agreement
CALGARY, ALBERTA--(Marketwired - Dec 4, 2013) - Eaglewood Energy
Inc. (TSX-VENTURE:EWD) ("Eaglewood") is pleased to announce that it
has executed a Unitisation Agreement with the PRL-4 (Stanley Field)
Joint Venture, whereby Eaglewood will formally become a participant
in the Stanley Field Development.
Eaglewood's equity participation will be determined over the
next approximately 90 to 120 days following the exchange of data
between the PPL-259 and PRL-4 Joint Ventures. Once the equity
interests of the PPL 259 parties are determined they will have an
undivided interest in the Stanley development facilities and the
proved, probable and contingent resources associated with the
field. They will also be responsible for their share of the sunk
cost and on-going cash calls as the project moves toward first
condensate production expected in late 2015.
Upon the determination of Eaglewood's equity participation in
the Stanley development, it expects to fund its commitments from a
combination of existing cash reserves, a bridge financing facility
provided by one of the Stanley participants and additional equity
from a strategic partner or capital markets. Eaglewood is also in
discussions with debt providers.
Horizon Oil Limited ("Horizon"), the operator of the project
expects Petroleum Development Licence 10 ("PDL 10") will be awarded
over the Stanley Project by the end of the year. The Stanley
development is a gas condensate development that is targeted to
commence production in late 2015. Horizon has indicated that
initial condensate production is forecast to be approximately 4,000
barrels per day and gas will initially be re-cycled until gas sales
contracts are finalised.
CEO Brad Hurtubise, commented, "We are very pleased to finally
be officially participating in the Stanley development. With the
recently announced farmout of 20% of our PPL 259 license, the Nama
well we will be drilling next year is fully funded and is expected
to be tied into Stanley. The Stanley development is the first
hydrocarbon development project in the Western Province and given
its proximity to PPL-259 it is strategically very important for
Eaglewood to be in this project and the key infrastructure that
will be constructed. As a condensate recovery project the economics
are very positive, and can be substantially improved with a gas
sales contract. As a participant in the project Eaglewood can elect
to market its' gas with the Joint Venture or independently. Once
our equity position is finalised we will be actively pursuing local
gas sales opportunities."
Eaglewood is a junior Canadian oil and gas exploration company
that trades on the TSX Venture Exchange under the symbol "EWD".
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation. These
forward-looking statements are made as of the date of this document
and Eaglewood does not intend, and does not assume any obligation,
to update these forward-looking statements, other than as required
under Canadian securities legislation.
Forward-looking statements relate to future events or future
performance and reflect management of Eaglewood's expectations or
beliefs regarding future events. In certain cases, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Eaglewood to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to
actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices
of oil and gas; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
Eaglewood's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
In particular, this press release contains forward-looking
statements including, but are not limited to, statements with
respect to the acquisition of new seismic data and Eaglewood's
expected drilling activities in 2012. Although Eaglewood has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Eaglewood Energy Inc.Brad HurtubiseCEO(403)
264-6944bhurtubise@eaglewoodenergy.caEaglewood Energy Inc.Ross
JonesController and CFO(403) 264-6944rjones@eaglewoodenergy.ca
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