Rubellite Energy releases fourth quarter 2023 production and results

Rubellite Energy Inc., a pure play Clearwater oil exploration and development company, released its preliminary fourth quarter 2023 and current production results, update commodity price risk management contracts and provide an operational update,

Highlights include:

• Preliminary Q4 2023 average heavy oil sales production of 4,209 bbl/d, exceeding the high end of guidance;
• Annual average heavy oil sales production of 3,302 bbl/d for 2023, representing growth of 98 per cent relative to 2022
• Current heavy oil sales production, based on field estimates, of approximately 4,700 bbl/d;
• Strong preliminary performance, relative to Rubellite’s type curve, from two new step out wells rig released on the Buffalo Lake Metis Settlement (BLMS) lands and at the south end of Figure Lake adjacent to and on lands acquired as part of the asset acquisition that closed in November 2023;
• Resumption of winter-only production from the Dawson Northern Exploration program well drilled in Q1 2023; and
• Price protection in place on an average of 2,150 bbl/d for calendar 2024 at an average WCS price of approximately $83.45 CAD/bbl.

Field estimates of production through the first week of January averaged approximately 4,700 bbl/d, with one well recently rig-released at Figure Lake producing OBM load fluid and therefore not yet included in the sales production estimate.