DEEP TESTING AND DRILLING PROGRAM UNDERWAY, PRIVATE PLACEMENT OVERSUBSCRIBED
DEEP Earth Energy Production Corp. (the “Corporation” or “DEEP”) is pleased to announce that the 2019 field testing and drilling program is now underway. DEEP will be conducting an initial flow and build test into a tank farm comprised of 27 tanks for 3 days. During the flow test, multiple samples of brine, gas, and precipitated solids will be collected and analyzed to further characterize the composition of the produced brine. Results from the analyses are expected to enable the technical team to mitigate potential subsurface risks in order to maximize well productivity and address any reservoir incompatibilities which may be occurring between the geothermal formations. Furthermore, this supplementary data collected will be analyzed by subject matter experts to identify other brine constituents that may extracted to be of additional value to the Williston Basin Geothermal Power Facility.
DEEP’s reservoir pressure test design stipulates a 3-day flowing period, via a downhole electric submersible pump, followed by a shut-in period of 12 days to measure pressure data that will be acquired by paired subsurface gauges. The well will then be recompleted into an injection well to enable an injection test that will be conducted by pumping the produced brine held in the tanks back down the tubing while recording surface injection rates and pressures. The well will be shut in for a second 12-day pressure build-up test. The duration of this test work is estimated at 50 days.
A second well drill program is planned to commence after the initial flow and build test is complete. This well will be drilled from the same surface location as the first well directionally to the southwest with a bottom hole located 1,500m laterally from the original well. Once complete, a 60-day production and injection test will commence on the project’s first combined geothermal well pair.
The results of this work will provide detailed data required for the final subsurface and facility design required prior to full construction. The reservoir data will be incorporated into a full scale simulation model to design the full production wells, optimal well spacing and full field development. This data will also be implemented to optimize the final surface power facility design.
The establishment of a production and injection well pair is major step forward for the first geothermal power project of its kind in Canada. Drone video footage and photos of the site activity can be found here: https://www.dropbox.com/sh/y01zd7bp4yhz6rh/AAB2VnUVkWVEwX3HjekYnCuEa?dl=0
And on YouTube: https://youtu.be/lR99vXX8jaI
A $5,000,000 private placement closed on August 20th, over subscribed to total $5,190,000. Each purchased unit consisted of one Class “A” common voting share and one warrant to acquire one additional share prior to 24 months from the date the warrant was issued.
For more information, please visit DEEP’s website at www.deepcorp.ca or contact:
President & CEO, Kirsten Marcia: (306) 261-6979, email@example.com
Media, Cynthia Block: (306) 230-8262, firstname.lastname@example.org
Future Oriented Financial Information Disclaimer:
Some of the statements in this shareholder update may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. DEEP, including its directors or officers, do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Deep or its directors or officers be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this update or for any related damages. You should consult your professional advisors before deciding to make an investment decision in DEEP.