Trident Announces Significant Event at Corbett Creek CBM Project
Trident Resources Corp. (“TRC”) is pleased to announce a significant operating milestone has been recently achieved at its operated Corbett Creek Mannville CBM project located in north central Alberta. TRC’s operations department, through its subsidiaries, Trident Exploration Corp. and Fort Energy Corp. (collectively “Trident”), have achieved free flowing gas wells in the Mannville CBM after approximately 4 years of dewatering in roughly 25% of the producing wells. Previously these producing Mannville CBM gas wells pumped water continuously from the coals along with natural gas in an effort to dewater and depressure the Mannville coal horizon. This significant change to free flowing gas production is only observed in Trident’s specific multilateral drilling design wells pioneered over the last 3 years in the Trident operated areas of the Corbett Creek CBM area
The impact of free flowing gas production on project profitability is significant. Pump maintenance and replacement and electricity consumption for the pumps constitute greater than 50% of total operating costs. Elimination of these expenses from the project, even on a few wells, will materially impact the overall project economics. The Trident operated area of the Corbett Creek Mannville CBM project in 2007 averaged operating costs of approximately $8.60/boe that are at or below conventional production peer companies operating costs per boe in Western Canada before accounting for the effects of free flowing gas announced today.
“We are very pleased that the results of years of continuous innovation by Trident’s drilling and operations departments in the first commercial Mannville CBM field in Canada have generated outstanding economic returns in this unique and complicated field development” said Todd Dillabough, President, CEO and COO of Trident.
Trident is an unconventional natural gas exploration and development company principally focused on natural gas resources from coals in the Western Canadian Sedimentary Basin. We are the leading producer of Mannville CBM natural gas in Canada from the 1st commercial Mannville CBM field area. As well, Trident is a significant producer in the Horseshoe Canyon Coal CBM trend in Alberta, Canada. We have exploration properties in the Montney shale play in British Columbia, Canada and in the Columbia River Basin and Snake River Basin in the Northwest United States.
Contacts: Trident Exploration Corp. Todd Dillabough President, CEO and COO (403) 770-0333 Trident Exploration Corp. Brad Robertson, CA Director, Finance (403) 770-3153
SOURCE: Trident Resources Corp. and Trident Exploration Corp.