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Lone Pine Resources Announces Financial And Operations Update, Second Half 2011 Guidance And Executive Appointments

During the first half of 2011, the Company instituted an enhanced fracture stimulation program at its Evi property. Results from the first 11 wells completed prior to spring break-up in 2011 under this new program had average peak initial production rates of 305 Bbls/d per well. Through the expansion of frac stages from six to ten in 2011, peak initial production rates have improved by over 65% as compared to the 2010 program. Based on the results achieved in the play through the expansion of fracture stages to date, the Company intends to further increase the number of fracture stages later in 2011. The following table summarizes the Slave Point horizontal results achieved to date:

 

Peak IP OilRate (Bbls/d)

   

30 Day Avg OilRate (Bbls/d)

   

60 Day Avg OilRate (Bbls/d)

   

FractureStages /well

 
2010 184 123 115 6
2011 305 206 183 10

Deep Basin – Nikanassin Resource Play

Lone Pine holds approximately 205,700 gross and 128,800 net acres in the Nikanassin resource play. This area provides access to a minimum of ten different stacked-pay producing intervals, all of which can be completed with production commingled in a single well bore.

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