White Tundra Petroleum announces corporate update and operational update of its oil & gas properties in Loyalist and Wildunn, Alberta

LLOYDMINSTER, AB, Sept. 30, 2024 /CNW/ - White Tundra Petroleum Ltd. is pleased to announce completion of workover and production optimization activities on both its Loyalist and Wildunn properties, which has resulted in production over the last 7 days (September 23, 2024 through September 29, 2024) averaging 142 boe/d consisting of 84 barrels of oil per day and 328 mcf/d of gas.

Loyalist asset work comprised of reactivations on 2 wells in February 2024, followed by 3 workovers on underperforming wells in September 2024. Current production is at 35 bbls/d with peak rates achieved of 39 bbls/d. Further waterflooding optimization work is underway, with a focus on pushing bank oil towards producers and pushing oil higher into the Dina structure. 10-9 injector well currently remains offline, with an acid frac planned to clean out the wellbore and increase injectivity to maximize flood pattern efficiency.

Wildunn asset work comprised firstly of wax cleanouts and solvent batching optimization on the 3 producing wells 8-19, 11-20, and 15-20 resulting in higher field reliability and runtime along with minor increase in production due to lower pressures on the system. After confirmation of reservoir characteristics through log analysis, core studies, fluid analysis, and well production profiles, 2 wells were reactivated in September 2024 which had been offline for 8+ years. Both wells 06-20 and 10-20 have responded exceptionally well to acid squeeze work with 10-20 well peaking at 21 bbls/d oil (32° API) and 43 boe/d natural gas, and currently producing at 4 bbls/d oil and 18 boe/d natural gas. 6-20 well has consistently produced at 13-15 bbls/d oil and 7-10 boe/d natural gas, with stroke length now increased to take advantage of fluid level present in the well. Both wells produce at <30% BSW allowing for efficient low-cost operations with no water disposal required. Preliminary engineering work and an extensive field study is complete, with plans being finalized to reactivate an additional 3 wells based on the success of these initial acid squeezes. White Tundra maintains the optionality to add perfs, reperf, and perform acid squeezes on wells already online.

White Tundra maintains considerable drilling upside, with 4 drilling locations are identified in the Wildunn asset for future horizontal development. These locations have been strategically placed in areas of the reservoir with thinner yet higher porosity rock, where vertical development has proven to be inadequate and thus large volumes of oil remain in the ground. Additionally, White Tundra successfully acquired mineral rights in June 2024 to 2 sections of land in the Loyalist area which are adjacent to mineral rights already controlled by the company.  Work is underway to acquire 3D seismic on these lands, followed by delineation to identify drilling locations which could be drilled independently or supported by a waterflood operation through the 09-06 suspended well.

White Tundra's corporate strategy to assemble smaller pools of under capitalized, undervalued assets with large OOIP and significant reactivation, optimization, and drilling upside has achieved success on its initial asset purchase with production up 137% from close of transaction in February 2024. Over the last 6 months, the corporation has signed 3 LOI's on assets ranging from 30 boe/d to 1200 boe/d and submitted numerous other solicited and unsolicited offers on assets in the WCSB. No additional transactions have consummated in a PSA thus far; however White Tundra continues performing due diligence as it expands on its business plan and builds out its production base and growth opportunities.

White Tundra's current assets allow for meaningful scalability through development and with access to positive cash flows and an undrawn line of credit, the company maintains significant flexibility and liquidity to proceed with production growth and M&A activity.  Concurrently, White Tundra is open to strategic partnerships with investors and E&Ps to accelerate development and company growth.  

SOURCE White Tundra Petroleum Ltd.

For further information, please contact Shubham Garg, Chief Executive Officer at [email protected] or Phil Burry, Chief Operations Officer at [email protected]