Vital Energy Inc. Lampman New Drill Results – Update
06 October 2021 - 9:37AM
Vital Energy Inc. (“Vital” or the “Corporation”)
is pleased to announce that three (3) horizontal wells have been
successfully drilled and completed in Q3 2021 in Lampman, SW
Saskatchewan, on a multi-well pad (01-04-006-05W2). The completed
formation is in the Frobisher zone.
From August 29th to now, the three (3)
horizontal wells (HZ C7-4, HZ C8-4 and HZ D8-4) total average daily
oil production has stabilized at approximately 630 barrels per day.
The average water cut (BS&W) is approximately 13% and the oil’s
API is 32.5 (sweet light oil).
The three (3) wells are pipelined to an adjacent
third-party oil battery. All three (3) Pump Jack wells include
equipment with electric motors with electric power supplied by the
SaskPower grid in the area. As a result, lower maintenance costs
are anticipated which should significantly improve field
netbacks.
Vital is the Operator of the three (3) wells in
the Lampman area and maintains a 100% working interest.
Vital Energy Inc. is a publicly traded
junior oil and gas company (“VUX” TSXV) whose primary focus is
developing light and medium crude oil production in Western
Canada.
For further information please
contact:
Yingchuan Wu,
PresidentTel: (403) 615-5827Fax:
(403) 699-6990Email: ycwu@vitalenergyoil.com
Or visit our website at:
www.vitalenergyoil.com
Cautionary StatementNeither the
TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. No stock exchange, securities commission or other
regulatory authority has approved nor disapproved the information
contained herein.
Forward Looking StatementsThis
news release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included
herein are forward-looking information. In particular, this news
release contains forward-looking information regarding: the
business of Vital, including future plans and objectives. There can
be no assurance that such forward-looking information will prove to
be accurate, and actual results and future events could differ
materially from those anticipated in such forward-looking
information. This forward-looking information reflects Vital’s
current beliefs and is based on information currently available to
Vital and on assumptions Vital believes are reasonable. These
assumptions include, but are not limited to: Vital's current and
initial understanding and analysis of its projects and the
exploration required for such projects; the costs of Vital's
projects; Vital's general and administrative costs remaining
constant; and the market acceptance of Vital's business
strategy.
Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of Vital to be materially different from those expressed or implied
by such forward-looking information. Such risks and other factors
may include, but are not limited to: general business, economic,
competitive, political and social uncertainties; general capital
market conditions and market prices for securities; delay or
failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation,
including environmental legislation, affecting Vital; the timing
and availability of external financing on acceptable terms; lack of
qualified, skilled labour or loss of key individuals; and risks
related to COVID-19. A description of additional risk factors that
may cause actual results to differ materially from forward-looking
information can be found in Vital’s disclosure documents on the
SEDAR website at www.sedar.com. Although Vital has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Readers are cautioned
that the foregoing list of factors is not exhaustive. Readers are
further cautioned not to place undue reliance on forward-looking
information as there can be no assurance that the plans, intentions
or expectations upon which they are placed will occur.
Forward-looking information contained in this news release is
expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Vital as of the date of this news
release and, accordingly, is subject to change after such date.
However, Vital expressly disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
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