Redcliffe Announces Wapiti Well on Production and Updates Drilling Activity

• Published in: Marketwire p. 1
• Format: Trade Publication Article
• Language: English
• Published: Toronto Intrado Digital Media Canada Inc 15.11.2007

Redcliffe is pleased to announce that the recently completed Wapiti exploratory well (37.5% W.I.), in the Peace River Arch has been placed on production this past weekend at an initial rate of 3,000 mcf/d plus an estimated 20 bbl/mmcf of liquids from two zones. Sustainability of this production rate will be established with further production data. Redcliffe Energy Ltd. ("REL"), a private company subject to an outstanding offer to amalgamate with Redcliffe, also owns a 12.5% interest in this well. This increases Redcliffe's current production to approximately 700 boepd, while REL's production increases to approximately 225 boepd. In the Gold Creek/Wapiti area located on the southern flank of the Peace River Arch, Redcliffe is currently participating (W.I. 20%) in the drilling of the 15-2 location offsetting its 4-11 (W.I. 40%) Halfway gas well. Three additional wells are scheduled for the Gold Creek area prior to the end of February 2008. Redcliffe's working interest in these wells will vary from 22.5% to 50%. All of these locations benefit from not only geologic mapping and 3-D seismic, but also recent offsetting competitor drilling. Redcliffe, in association with REL, will operate an additional exploratory location at Wapiti 7-3 (Redcliffe W.I. 45%, REL W.I. 27%) that is anticipated to commence drilling in early December. With success, tie-in of these wells into the newly expanded gathering and processing system is anticipated to require 1-2 months following completion, with production on stream before spring breakup.