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Altura Energy Corp. (TSXV: ALTU,OTC:TTLHF) (FSE: Y020) (the "Company") is pleased to announce that it's wholly owned subsidiary, Brooks Range Corp., has acquired the outstanding 50% working interest from our three partners, increasing the Company's working interest in the Pinta South area to 100% and doubling our total position in Northeast Arizona to 10,600 net acres (the "Project").
The northern portion of the Project consists of seven shallow helium wells which were drilled in 2020. Each well initially produced between 150 and 200 thousand cubic feet of raw gas from the Shinarump formation at an average depth of 1,000 feet. Of the raw gas, approximately 7% was helium and the remainder was nitrogen. Following the Company's acquisition of the initial 50% interest in the Project in 2023, a sales line was constructed from the seven producing helium wells to a nearby gas plant. Production from the wells died within a few months thereafter due to the low pressure in the Holbrook Basin. It is common for shallow, low pressure gas wells to liquid load and cease to produce and the Company is exploring multiple techniques to restore production.
The Company is currently reviewing each well for artificial lift. Work is expected to commence in the early part of the fourth quarter of 2025 with expectations that production will resume prior to the end of 2025. "We consider re-establishing production from previously producing wells to be the lowest-hanging of fruit. What we are planning for these seven wells is relatively inexpensive and routinely done every day in hundreds of wells across the country. What is unusual, is that it was not done to the previously producing wells," says Rob Johnston, Chairman of the Board of Directors.
The Company is also planning a Shinarump infill drilling program north of Saddle Horse Draw; and an exploratory play targeting the Coconino, Granite Wash and Basement slightly south in Puerco Ridge. New drilling is expected to begin in 2026.
ABOUT Altura Energy CORP.
Altura Energy Corp., is an exploration and production company with interests in the Holbrook basin of Arizona. For more information, please visit SEDAR+ (www.sedarplus.ca).
FOR FURTHER INFORMATION
Robert Johnston, Chairman +1 604-609-6110
Forward-Looking Statements
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's review of the wells for artificial lift, commencement of work at the wells and the related timing thereof, the resumption of production at the wells and the related timing thereof, the Shinarump infill drilling program north of Saddle Horse Draw and the related timing thereof, and the exploratory play targeting the Coconino, Granite Wash and Basement slightly south in Puerco Ridge and the related timing thereof, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Neither the 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265014
