All of the wells drilled in 2013 were completed by 31 December, 2013, with the last 3 wells (2.75 net) tied in the last week of December 2013.
In January 2013 Yangarra began construction of an 11 mmcf/d gas processing facility in the Ferrier area (100% working interest) that was put in service April 10, 2013 which provided for the tie-in of 8.0 gross (2.4 net) standing wells, six of which had been drilled in 2011 and 2012.
In September 2013 Yangarra entered into a farm-in agreement with an industry major adding 61 gross (37 net) Cardium locations.
Yangarra has drilled 7 gross (5.35 net) wells (4 of which were earning wells) which exceeded its initial drilling obligation under the terms of the farm-in agreement, to drill 2 earning wells by the end of 31 March, 2014.
Late in 2013 Yangarra negotiated a swap with an industry partner to concentrate their respective interests in the Ferrier area. In the swap arrangements Yangarra exchanged its Glauconite interest in 2 wells and 3 sections (average 17% working interest) for Cardium interests in 4 wells and 1.5 sections (average 30.6% working interest).
Yangarra acquired 1,760 acres (1,760 net) of land in Central Alberta during 2013 at crown land sales spending approximately $2.1m.
The company’s December 2013 production averaged approximately 3,000 boe/d.
