Calgary, Alberta--(Newsfile Corp. - September 14, 2026) - Lotus Creek Exploration Inc. (TSXV: LTC) ("Lotus Creek" or the "Company") is pleased to provide an operational update on its Wilson Creek Belly River development program.
Wilson Creek Development Update
In September 2026, Lotus Creek brought on production the remaining two gross (2.0 net) Belly River light oil wells from its post-break-up drilling program, completing the Company's five gross (5.0 net) well 2026 Wilson Creek Belly River program.
With 12.0 gross (11.9 net) Belly River wells brought on production over the past 12 months, corporate production currently exceeds 5,500 boe per day, approximately 72 per cent of which is light oil and NGLs. Production from these wells is currently being optimized to maximize oil throughput through the Company's operated Wilson Creek oil battery, which has reached its approximate design capacity of 5,000 boe per day.
In the near term, Lotus Creek will continue to optimize production and evaluate opportunities to debottleneck its existing Wilson Creek infrastructure as the recently completed wells stabilize.
The Company has also initiated planning for the next phase of infrastructure development at Wilson Creek, providing a pathway toward its longer-term objective of approximately 10,000 boe per day. This next phase will require detailed engineering, equipment procurement and regulatory approvals. Subject to completion of the Company's 2027 budgeting process and required approvals, additional infrastructure capacity is currently targeted to be available toward the end of 2027. The Company intends to provide further details regarding the scope, timing and associated development program with its 2027 capital budget.
Well Performance
Lotus Creek's initial seven gross (6.9 net) well Belly River drilling program delivered an average IP30 oil rate of approximately 350 bbl per day per well and total production (on a barrel of oil equivalent basis) of approximately 600 boe per day per well.
Of the Company's most recent five gross (5.0 net) well drilling program, the first three Belly River light oil wells have averaged approximately 550 bbl per day of oil and 1,000 boe per day of total production over their first 30 days. The Company intends to provide additional performance details on the remaining two Belly River light oil wells once more representative production profiles have been established.
Corporate Presentation
A new corporate presentation has been posted to the Company's website and can be accessed at the following link:
September Corporate Presentation
Stock Option Grant
Pursuant to the terms and conditions of the Company's stock option plan, the Lotus Creek Board of Directors has approved the grant of 156,397 stock options to certain Directors and Officers. The stock options expire 30 business days following the date of vesting and are exercisable at a price of $3.87 per common share. The stock options vest one-third on each of the first, second and third anniversary dates, beginning on September 6, 2027.
| FOR FURTHER INFORMATION ABOUT LOTUS CREEK PLEASE CONTACT: | |
| Kevin Johnson | Mitchell Harris |
| President & CEO | VP Finance & CFO |
| 403-538-8435 | 403-444-1465 |
| Email: info@lotuscreek.ca | |
| Website: www.lotuscreek.ca | |
Forward-looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the following: the intent to optimize production from new wells to maximize oil throughput through the Company's operated Wilson Creek oil battery; the intent to continue to optimize production and evaluate opportunities to debottleneck its existing Wilson Creek infrastructure as the recently completed wells stabilize; the Company's planning for the next phase of infrastructure development at Wilson Creek to achieve its longer term objectives; the expectation that the next phase of development will require detailed engineering, equipment procurement and regulatory approvals; the intent to target additional infrastructure capacity to be available toward the end of 2027; and the Company's intent to provide further details regarding the scope, timing and associated development program with its 2027 capital budget; and the Company's intention to provide additional details regarding the 2.0 additional wells once more representative production profiles have been established.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Lotus Creek including, without limitation: that Lotus Creek will continue to conduct its operations in a manner consistent with past operations; the ability of the Company to receive all necessary regulatory approvals without significant adverse conditions; that well results will meet expectations; and that the Company is able to retain the necessary the services, materials and equipment to complete its infrastructure build-out as expected. Lotus Creek believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation, the risks detailed from time to time in Lotus Creek's public documents including risk factors set out in the Company's annual information form for the year ended December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Lotus Creek does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Initial Production Rates
References in this press release to initial production ("IP") rates, other short-term production rates or initial performance measures relating to new wells are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Accordingly, the Company cautions that such short-term rates should be considered to be preliminary.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314317
