Highlights: 

• Pisces #3 (100%WI), the 3rd Glauconitic well, was spudded 2 January 2022 and the rig was released 8 January 2022. The well was drilled to a measured depth of ~2,600 meters and took 7 days to drill 
• Multi-stage fracturing of Pisces #3 is estimated to start early February with flow testing to follow
• Flow testing of Pisces #1 & #2 horizontal wells is expected to commence the last week of January
• Glauconitic wells are anticipated to have an EUR of 170 – 400 Mboe’s
• IP90’s of 200 – 400 boe/d
• Following the multi-stage frac stimulation programs the wells will be tied-in to existing facilities
• Capital program funded from operational cash flows and the Company’s credit facility

3 Well Pisces Oil and Gas Program

The Pisces #3 well targeted the Lithic Glauconitic with 33 frac ports in the horizontal section and is planned to be fracture stimulated in February 2022. The well is classified as a development well and has been drilled adjacent to four vertical well logs that encountered the Glauconitic channel, and in conjunction with recently acquired 3D seismic data confirming the presence of the Glauconitic zone. Oil and gas shows have been as prognosed.

Pisces #1 and #2 are development wells targeting oil accumulations in the Glauconitic horizon. The Glauconitic zone is a shallower (younger) formation compared to Calima’s core Sunburst conventional target. Pisces #1 and #2 were drilled in December and their multi-stage frac stimulations were recently completed. They are presently being tied-in to existing infrastructure and facilities and the wells currently sit in their 7 day shut-in period prior to opening frac ports and running pumping equipment.

Jordan Kevol, CEO and President:
“The Company has finished drilling its 3-well Pisces Brooks Alberta program.  We are very pleased with the efficiency and expediency that the Calima Operations Team executed on this program. The drill costs to date are on budget.  The rig has been released from Pisces #3, and we are now preparing for the multi-stage frac of #3 in February 2022.”  

KeyFacts Energy: Calima Energy Canada Onshore country profile