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Information Releases

July 31, 2014

Laricina Energy Reports Second Quarter 2014 Results


Progress and results achieved during the first half of the year have shaped our operational plans for the balance of 2014. During the second quarter, we continued to confirm the commerciality of the Grosmont Formation with new well data from the Saleski pilot; and we established base steam-assisted gravity drainage (SAGD) type curves for the Grand Rapids Formation at the Germain Commercial Demonstration Project (CDP).

Second Quarter 2014 Highlights

  • At Germain:
  • Continued production ramp-up from well-pairs 8, 9 and 10;
  • Submitted regulatory application for re-drilling of select wells in the basal water zone; and
  • Successfully completed the planned facility turnaround focusing on post start-up adjustments and commissioning of the solvent recovery unit.
  • At Saleski:
  • Began production from our newest Grosmont D-zone well (3D) drilled in the first quarter;
  • 3D achieved similar calendar day oil rate (CDOR) with lower steam-to-oil ratio (SOR) compared to our benchmark Grosmont C-zone well (2C) during its first production cycle. Reached peak production rate of 820 gross barrels per day;
  • Completed acidization on the 1C sidetrack well (1C-s);
  • Continued fabrication ahead of schedule of the Phase 1 Once-Through Steam Generators (OTSG’s); and
  • Phase 1 detailed engineering is approximately 50 percent complete at the end of the second quarter. Entered into cost plus fee contract with international engineering, procurement and construction (EPC) firm for engineering, procurement, fabrication and construction of Phase 1. Sanctioning of Phase 1 remains scheduled for the first quarter 2015 subject to financing.
  • Corporate:
  • Subsequent to the quarter, we welcomed Diane Koenig to Laricina’s senior management team as Vice President Finance and Controller; and
  • Incurred capital expenditures of $12.3 million with quarter-end working capital of $218.5 million.

 

Click here to read complete report. (PDF)


About Laricina Energy Ltd.
Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.

Laricina’s goal is to create value by developing Canada’s oil sands using innovative in situ technologies. The Company has a diverse portfolio of oil sands assets at varied stages of development, and experienced people with the requisite technical expertise. Our current focus is on the Company’s two core producing projects – Saleski and Germain. Laricina’s asset base, holds 0.5 billion barrels of probable reserves, 3.9 billion barrels of contingent resources (best estimate) and 0.3 billion barrels of prospective resources (best estimate) as determined by Laricina’s independent reservoir engineers as at December 31, 2013. These assets include oil sands resources in the familiar McMurray Formation, and the developing Grand Rapids, and Grosmont and Winterburn carbonate plays, all of which offer significant production potential.

This information release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including but not limited to final regulatory approval from the Alberta Energy Regulator and Alberta Environment. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.

For further information please visit www.laricinaenergy.com or contact:

Heidi Christensen Brown
Senior Analyst, Investor Relations
403.817.0555

Laricina Energy Ltd.
East Tower, 5th Ave Place
800, 425 1st Street SW
Calgary, AB. T2P 3L8

 

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