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Leucrotta announces successful test rate in upper Montney

Leucrotta Exploration Inc. is pleased to announce the following update: Leucrotta drilled and completed an Upper Montney horizontal multi-frac well at 8-22-81-14W6 ("8-22") in the Mica area of north east British Columbia. The well was considered a major step-out given it was approximately 7.5 miles from the closest producing horizontal Upper Montney well. This well confirms that a large portion of our land base that has previously been delineated as highly productive in the Lower Montney is also highly productive in the Upper Montney, effectively significantly increasing the size of the potential development of the resource.

The well was tested on initial flow back for 5 days and had a final flow rate of 2,700 boe/d comprised of 13.9 mmcf/d of natural gas (0.64% H2S), 50 bbls/d of 42 API light oil, and estimated potential NGL (C3+) recovery of 338 - 676 boe/d depending on gas plant efficiency. The well was continuing to increase in flow rate with a stable flowing pressure at the end of the test.

The well was materially above expectation and adds significant Upper Montney development potential above the Lower Montney zone where Leucrotta had previously focused development in the Mica area.

Leucrotta considers this a major development for the Company when considering the following:

  • Well is a 7.5 mile step-out from the closest Upper Montney development (Leucrotta Doe) and proves productivity in a large mappable area (minimum 50 sections).
  • Upper Montney overlays Leucrotta's lower Montney development at Mica thereby reducing per well future infrastructure costs as multiple horizons can be developed from the same pads.
  • Material increase in overall potential scale and scope of Doe/Mica Project with the Upper Montney adding to the 140 net sections Leucrotta has already delineated in the Lower Montney.

Leucrotta is evaluating various alternatives to handle the small amount of H2S present in the gas and expects the well to be placed on production later this year or early in 2020.

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