Nashville, Tennessee and Vancouver, British Columbia--(Newsfile Corp. - February 27, 2023) - Alpine Summit Energy Partners, Inc. (TSXV: ALPS.U) (NASDAQ: ALPS) ("Alpine Summit" or the "Company") is pleased to provide an operational update before it reports its full year financial results, which it expects to do in late March 2023. All amounts are expressed in U.S. dollars unless otherwise stated.
From September 30, 2022 through February 24, 2023, the Company maintained approximately 22,000 gross boe/d. In addition, the Company has continued to be active in its primary development areas with seven wells expected to come online during Q1 2023.
The Company has converted its Webb County Dorado asset (the "Dorado Asset") over the past year into a high-quality Gulf Coast gas asset with reliable volumetrics and attractive well economics. Highlights from the last year of development include the following:
- The first six San Roman Austin Chalk wells have each exceeded internal type curve expectations and have an estimated ultimate recovery of 2+ Bcf per 1,000 lateral foot and the first two Eagleford wells have an estimated ultimate recovery of 1.5 Bcf per 1,000 lateral foot based on 3rd party estimates. The Company believes these well results are in the top 10% of historical Webb County wells.
- The two earliest wells drilled (San Roman 101 and 102) each paid out in approximately six months, and the Company believes that drilling in the Dorado Asset offers breakevens just above $2.00 per MMBtu.
- The Dorado Asset has stacked pay potential in the Austin Chalk and Eagleford areas, with approximately 40 remaining de-risked locations with strong economics.
The Company expects that the Dorado Asset will benefit from significant LNG demand growth on the Gulf Coast from 2024 to 2030. In spite of the inherently volatile nature of the natural gas market and the current prices, the Company continues to believe that its Webb County drilling inventory, including the Dorado Asset, is well-positioned.
About Alpine Summit Energy Partners, Inc.
Alpine Summit is a U.S. based company that operates and develops oil and gas assets. For additional information on the Company, please visit www.alpinesummitenergy.com.
For further information, please contact:
Alec Sheaff, Director, Business Development and Investor Relations
Darren Moulds, Chief Financial Officer
Forward-Looking Information and Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Alpine Summit's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Alpine Summit's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or the negative or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: timing of reporting full year financial results, the number of wells expected to come online in Q1 2023, Gulf Coast LNG demand, future drilling results and associated economics, gross production volumes, and the potential of the Dorado Asset and the Company's other acreage.
By identifying such information and statements in this manner, Alpine Summit is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Alpine Summit to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this news release, Alpine Summit has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the impact that listing on the Nasdaq Global Market ("Nasdaq") has on relationships, including with regulatory bodies, employees, suppliers, contractors and competitors, as well as the potential for Alpine Summit to fail to meet Nasdaq's continued listing requirements; changes in general economic, business and political conditions, including changes in the financial and commodity markets; changes in the price of natural gas; changes in applicable laws; and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Alpine Summit believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this news release, and Alpine Summit does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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