Spartan Delta first Quarter 2021 update reported average expenditure for the winter drilling program was $3.8 million per well.
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FIRST QUARTER 2021 UPDATE
CALGARY, AB – Spartan Delta First Quarter 2021 Update on the Company’s operations following the successful completion of its winter drilling program in its West Central Alberta core area. For the first quarter of 2021, based on field estimates, Spartan’s average production was approximately 31,500 BOE/d (135.6 mmcf/d natural gas, 600 bbls/d crude oil, 1,300 bbls/d condensate, and 7,000 bbls/d NGLs) including 14 days of production from the recently acquired assets; reflecting a 21% growth in production quarter-over-quarter. Current production, including production from the recently acquired assets is approximately 41,800 BOE/d (175.8 mmcf/d natural gas, 2,000 bbls/d crude oil, 1,500 bbls/d condensate, and 9,000 bbls/d NGLs).
Spartan Delta Corp. Additional Drilling Activity in 2021
Spartan Delta First Quarter 2021 Update reported the Company’s 2021 capital budget of $101 million, Spartan plans to drill an additional 13 wells in the second half of 2021. The second half 2021 drilling program is comprised of 9 wells in West Central Alberta targeting the Spirit River and Cardium zones and 4 wells in the recently acquired Alberta Montney acreage at Gold Creek. Where possible, these wells will be drilled from existing pads, minimizing environmental impact while utilizing Spartan’s extensive infrastructure network to lower capital and operating costs.
In-line with Spartan’s objective to diversify commodity exposure while simultaneously pursuing top-tier economic returns, wells targeting the liquids-rich Cardium and oil-weighted Montney at Gold Creek are expected to add oil and condensate production to the revenue stream of the Company into 2022.
Oil & Gas News
Spartan Delta Corp. Well Permits & Wells Spud
The oil and gas industry is highly regulated by Government agencies. One of the responsibilities is to approve well permits. A well permit is the intent of an oil & gas operator to drill a new well. Well permits include oil wells, gas wells, water wells and more..
Spudding is the process of beginning to drill a well in the oil and gas industry. … After the surface hole is completed, the main drill bit—which performs the task of drilling to the total depth—is inserted and this process can also be referred to as “spudding in.” Source Diamondback Energy First Quarter 2021
Spartan Delta Corp. Wells Drilled Q1 2021
Cardium Play has been one of the largest oil fields in the Western Canada Sedimentary Basin with production history of almost six decades. … The areas with highest liquid content are Lochend and East Pembina, the highest initial production is typically encountered in Lochend, Willesden Green and Ferrier areas.
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About Spartan Delta Corp.
Spartan is a differentiated energy company whose ESG-focused culture is centered on generating sustainable free funds flow through oil and gas exploration and development. Building on its existing high-quality, low-decline operated production in the heart of the West Central Alberta deep basin and Alberta oil-weighted Montney, Spartan intends to continue acquiring undervalued, diversified assets that can be restructured, optimized and rebranded, financially or operationally, yielding accretion to shareholder value. With excess infrastructure capacity, the Company is well positioned to continue pursuing immediate production optimization and responsible future growth. Further detail is available in Spartan’s March corporate presentation, which can be accessed on its website at www.spartandeltacorp.com.
