WHITEBARK ENERGY LTD

WHITEBARK ENERGY LTD (ASX: WBE)

Whitebark Energy has initiated a formal review process to evaluate strategic options and maximize shareholder value, including a potential partial or full sale of its Canadian subsidiary Rex Energy.
The company plans to assess new asset-level investments in Canada and other locations.
Despite the review process, Whitebark will continue investing in its assets for optimal resource recovery and value, and consider utilizing mechanisms for tangible shareholder returns.

2023-05-10 15:42:00

Production at Wizard Lake facility has increased to ~220 barrels of oil equivalent per day (boe/d) from ~50 boe/d.
Oil-cut in the recovered “load fluid” is steadily increasing and is now at ~20% and expected to reach 40-50%.
Rex-4 is performing according to expectations and in line with the other wells.

2023-02-27 08:27:00

Rex Energy has signed financing agreements with providers of rental equipment at Wizard Lake Oil and Gas Field, resulting in Opex savings of CAD $160,000 per year.
The Rex -4 development well continues to recover fracture stimulation fluid with oil-cut increasing to ~20%. Production is expected to reach 300 bopd and associated gas in Q1 FY23.
Preparations continue for additional Wizard Lake wells (Rex -5 through Rex -8).

2023-02-06 09:53:00

Wizard Lake Field production has increased to ~ 180 barrels of oil equivalent per day (boe/d) from ~ 50 boe/d prior to bringing Rex -4 online.
Oil-cut in the recovered “load fluid” is steadily increasing and is now at ~ 15% in line with expectations.
Preparations continue for additional Wizard Lake wells (Rex -5 through Rex -8) to address existing Proved (“1P”) Reserves calculated at 2.3 million barrels of oil equivalent (MMboe).

2023-01-09 13:18:00