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CALGARY, Alberta – (PIPE – TSX) Pipestone Energy Corp. ( “Pipestone” or the “Company” ) is pleased to provide an update on its production and operations, as well as report its year-end 2020 independent reserves evaluation prepared by McDaniel & Associates Consultants Ltd. (“ McDaniel ”) with an effective date of December 31, 2020 (the “ McDaniel Report ”). Since inception, Pipestone has continued to demonstrate leadership in combining capital cost efficiencies with highly productive wells in the condensate-rich Alberta Montney play. This is reflected in the past year’s significant growth in reserve volumes and continued reduction in future development costs (“ FDC ”). 2020 Reserve Highlights: Pipestone delivered 71% growth in Proved Developed Producing (“ PDP ”) reserves with a strong recycle ratio of 2.0 times ( 1 ) . This was achieved during a very challenging year for industry cashflows and capital spending with WTI averaging ~US$39 per barrel and significant volatility in condensate differentials. The Company also increased Proved plus Probable reserve volumes by 24% to 228 MMboe, while the associated FDC decreased 16% to $936 million. Recent Operations Highlights: Record Production Volumes: Q4 2020 production averaged 17,734 boe/d (31% condensate, 44% total liquids), the highest […]
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