--Public Is Invited To Attend Webcast Investor Presentation--
OKLAHOMA CITY, OK, June 24, 2013 /PRNewswire/ - Equal Energy Ltd. (NYSE:EQU) (TSX:EQU.TO) is pleased to provide an operations update to coincide with its investor field trip scheduled for tomorrow. Equal also invites the public to attend a webcast of its field trip investor presentation from 8:00 am to 9:30 am Central Time tomorrow.
Key information to be discussed includes:
- Results from Equal's two wells completed last week that are currently on production. These wells are the fourth and fifth wells of the ten well program planned for this year.
- Average production rates of the wells completed in 2013 are above the type curve model, while well costs are in line with budget.
- Drilling operations on the sixth well are wrapping up. Six wells drilled before the end of June provides validation of operational improvement including less than 30 days of drilling time per well.
- Production is on track to meet or exceed full year budget rate of 6,400 boe/d
"During our investor field trip we will be explaining the benefit of our strategy, which is to focus on the Hunton play in central Oklahoma," said Don Klapko, President and Chief Executive Officer. "Our drilling so far in the second quarter, as in the first quarter, has a perfect record for successful Hunton wells and as a result we remain on track to meet the previously disclosed full-year production target of 6,400 barrels of oil equivalent per day, based on a 10 well drilling program."As part of Equal's second quarter 2013 financial disclosure on August 8, 2013, the company expects to announce the results of the Board's mid-year capital efficiency review and Equal's associated go forward plan. Operating Results Based on actual production for April and May and anticipated production for June, Equal expects it will achieve second quarter 2013 production of approximately 6,300 boe/d. This compares to 6,280 boe/d in the first quarter of 2013. The quarterly growth in production was achieved in spite of three unusual events that impacted field operations and caused an approximate 170 boe/d to be shut in during the quarter. The first of these events was caused by a third party product purchaser's infrastructure failure, causing our Goodnight field to be shut in for 17 days in April. The second was due to a lightning strike at a disposal well and the last was the previously reported tornado in May. Operations have since returned to normal.