Highpine Oil & Gas estimates first quarter production for 2008 at approximately 19,200 boe/d, despite an extended third party curtailment of Nisku production in January and February. Highpine estimates production averaged over 21,100 boe/d for the month of March. Improved reliability and performance at the major gas plants in the Pembina area, the installation of additional compression at our Brazeau 6-29-47-11W5 facility, together with a strong effort from Highpine personnel to minimize downtime, contributed to this record quarterly exit rate.
With the commissioning of the Paddy Creek 14-34-48-11W5 compression station this week, as well as the completion of several more well tie-ins, including two wells from the WW South pool, higher volumes are expected in the second quarter from the Pembina area.
Successful drilling in Joffre and Ansell has resulted in several more wells being tied in, which will also contribute to higher volumes from our W5M area next quarter.
In all, Highpine participated in the drilling of 18 (8.8 net) wells in the first quarter of 2008 for a net success rate of 91%.
A planned turnaround at the Keyera Easyford Battery, owned 66% by Highpine, is expected to commence April 21, 2008 and last for 12 days. This will impact production and has been accounted for in Highpine's production forecasting and guidance.
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