May 25, 20232 min
Uriel Gas Holdings, a new junior exploration company, completed the acquisition of the Greater Grande Prairie asset in Alberta, thereby adding natural gas wells, pipelines, and ownership in a gas processing facility to Uriel's portfolio. The acquired assets in the area are rich in natural gas and show promising prospects for helium extraction, with helium testing testing greater than or equal to 0.75%. Uriel aims to expand its conventional light oil base while advancing its helium portfolio.
Press Release:
Uriel Gas Holdings Corp, a growth oriented junior oil and gas exploration and production company, today provides a corporate update, including several key operating and corporate developments, outlined in greater detail below.
Greater Grande Prairie Asset Acquisition: Prospective for Helium
This month, Uriel completed the third closing of a definitive Purchase and Sale Agreement for assets in the Greater Grande Prairie area of Alberta, including natural gas wells, pipelines and ownership in a gas processing facility. This piece of the collective GP Acquisition represents an incremental "bolt-on" component to disclosed acquisitions outlined in the Company's financial documents for the three and nine months ended March 31, 2023 filed on sedar.com in conjunction with this press release.
This consolidation of assets in the Greater Grande Prairie area includes high value natural gas wells and pipelines with an average WI of 76% in the northern portion of this sweet natural gas pool; with helium testing greater than or equal to 0.75%. This exceeds the global benchmark for economic recovery from standalone wells by approximately 0.25%.
Recent pressures taken in this region of the pool indicate almost 70% of OPP (Original Pool Pressure), and could accommodate a horizontal well(s), to connect remaining undrained reservoir within the Banff Formation and significantly increasing productivity relative to proximal vertical wells.
Uriel also completed reprocessing and interpretation of recently acquired seismic at the Company's conventional Richdale light oil pool. Seismic confirms the Banff "A" oil accumulation extends to the south of existing directional vertical wells. Geophysical mapping confirms the potential for several vertical and/or horizontal locations. The pools relatively shallow depth could result in lower costs to drill, complete and equip wells. Uriel's 100% owned multi-well oil battery has ample capacity to treat new oil production.
In its ongoing attempt to grow its conventional light oil base; while at the same time advancing its helium portfolio, geological mapping led to the posting of Crown lands offsetting several key wells. Uriel was successful in acquiring 640 highly prospective acres for both Cardium and Ellerslie light oil potential with multiple locations, both vertical and horizontal, identified.
About Uriel Gas
Uriel is a growth-oriented oil and gas company focused on exploration, development and production of crude oil and natural gas assets in the Western Canadian Sedimentary Basin. With a 100% operated working interest in the Richdale Property, which covers approximately 5,867 acres and is located approximately 100 miles northeast of Calgary, Alberta, Uriel seeks to acquire and optimize recoveries from under-developed hydrocarbon pools that offer compelling economics. Uriel is committed to providing superior long-term financial returns for shareholders while operating in a manner that protects the safety of workers, communities, and the environment. Uriel's common shares are listed for trading on the CSE under ticker "UGH".