Whitebark Energy: Quarterly Activity Statement


Quarterly Activity Statement

30th January 2018

Whitebark Energy Ltd is pleased to report a robust second quarter with the average daily production for December of approximately 275 boe/d from its Canadian JV (up from 150boe/d), confirmation of its Xanadu oil discovery in the Perth Basin and $3m cash to fund its active work program and acquisition strategy.


Canadian Operations – Point Loma JV (20% WI)

  • WBE Net production from Point Loma JV (“PLJV”) peaked at 300 boe/d during December finishing the month with an average daily production of 275 boe/d.

  • Paddle River Area
    o 5-31 well recompletion placed on production in October with initial production between 100 and 160 boe/d with the average daily production for the quarter of 70 boe/d.

    o Acquired 12-4 well placed on production in the second half of October with current production rate of approximately 100boe/d (constrained).

    o 1-32O stra cod well drilled with strong shows: over 2000 gas units and visible oil staining. Well sidetrack is planned to increase horizontal lateral section.

    o JV secures 100% of Ostracod oil pool via acquisitions.

• Thorsby Area

o Pipeline completed to tie in 11-18 Glauconite well to facilities with production commenced at over 1mmcfd (167boe/d).

o 9-18 Sparky well drilled and stimulated with clean up testing through 18-59 pipeline.

  • Thornbury Area

    o Gas well reactivation project commenced in December to unlock approximately gross 1.7 mmcf/d from previously producing wells.

  • Leaman Area

    o LOI executed with Tidewater Paddle River Gas Plant to process gas through its 60mmcf/d deep cut facility. As wells are brought back on line over 6-9 months an increase in gross production of approximately 2mmcfd is expected.

  • Twelve sections (7,680 acres) of petroleum and natural gas (P&NG) leases and licences acquired adding significant Mannville, Nordegg and Banff oil targets in 2018

  • 18 additional drilling opportunities added to inventory as a result of current drilling programs and land acquisitions

  • Data review has identified the Duvernay Oil Shale play in 16,524 acres of JV land

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Whitebark EnergyActivity UpdatePerth BasinCanadaJV

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