Chinook Energy Announces TT-16 Flow Test Results

Tiedote:

CALGARY, ALBERTA--(Marketwire - Aug. 7, 2012) - Chinook Energy Inc. ("Chinook") (TSX:CKE) is pleased to announce the initial flow rates from the TT-16 horizontal well. The initial horizontal test well of the Ordovician reservoir on the Bir Ben Tartar ("BBT") concession began production testing on July 15, 2012. Over the first six days (July 15 to July 21) the flow period was interrupted by attempts to circulate sand and clean the wellbore to its full length and included periods where wellbore energy was assisted by nitrogen injection, and as a result the flow rates over that period are not representative of well performance. Since July 22, 2012, the well has flowed under its natural reservoir energy. Over the initial 10 day flow period the TT-16 well produced at an average oil rate of 897 barrels of oil per day (bopd), an average water rate of 331 barrels of water per day (27% water cut) and an average gas-oil-ratio of 1,110 standard cubic feet of gas per barrel of oil (scf/bbl). To date Chinook has recovered 87% of the 8,700 barrels of load fluid and the water cut over the last 48 hours of flow has decreased to approximately 10%. The average daily oil rate over the last 48 hours has been 770 bopd through a 3/4" choke at a bottomhole flowing pressure of 925 psi. Although the flowing bottomhole pressure has shown signs of beginning to stabilize, extrapolation of the early trend data in the first application of a multi-staged completion of the tight Ordovician sand reservoir should be assessed on more mature initial production data of 30 and 90 days, which will be released in due course. The TT-16 well was fracture stimulated along the 832 meter horizontal section (previously incorrectly reported as a 950 metre horizontal section) with the placement of approximately 385,000 pounds of sand over eight stages.

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