Kulczyk Oil Ventures Inc. report record high production levels from its Ukraine properties in early November after the commencement of commercial production from the Makeevskoye-20 (M-20) well.

New Production Milestone

Gas production during the first part of November averaged 25.3 million cubic feet per day (MMcf/d) gross (17.7 MMcf/d net to the 70% interest of KOV). These levels are 13% higher than the average gas production level of 22.3 MMcf/d gross (15.6 MMcf/d net to KOV) achieved during the third quarter. Production increases were primarily due to the tie-in of the M-20 well which commenced commercial production in early November and is currently producing natural gas at a rate of 6.2 MMcf/d gross (4.4 MMcf/d net to KOV).

Makeevskoye-20

The M-20 well was drilled to a total depth ("TD") of 2,000 metres and cased to TD in early August 2012. It was drilled to further develop the Makeevskoye R8 Pool which was originally discovered by the M-19 well drilled in the second half of 2010 and further developed by the Makeevskoye-21 ("M-21") during the second quarter of 2012.

Tags: Kulczyk Oil Ventures