From RBC Capital markets research
 
 
Donnycreek’s 81,000 net acres of prospective Deep Basin Montney lands lie in the heart of the liquids-rich 
fairway with large contiguous blocks at Kakwa (16 gross sections at a 50% w.i.), Chicken (33 gross 
sections at a 40% w.i.) and Wapiti (136.5 gross sections at 75% w.i.). Donnycreek’s working interest 
partners on the Kakwa block include Contact Exploration and Questerre Energy at 25% each, with Contact 
serving as operator. Donnycreek retains operatorship at both Wapiti and Chicken with Deventa Land
Corporation paying its working interest share of future capital costs in both areas. 
The company’s first horizontal Montney well (13-17) at Kakwa tested 8.29mmcf/d of gas plus 1,150 bbls/d 
wellhead condensate over the final 24-hours of a 96-hour test in May 2012.  The well was drilled to a 
measured depth of 5,050 meters with a 1,430 meter horizontal leg in the Middle Montney zone and was 
completed with 15-stage foam frac at roughly 90 meter interval spacing.
In addition to the 140 bbl/mmcf condensate yield from the 13-17 well, which ranks in the middle of 
reported test rates in the area, Donnycreek’s gas analysis suggests that another 25-35 bbls/d of NGL 
(butane, propane, and C5+) recovery is possible through shallow-cut processing, possibly increasing to 50-
70 bbl/mmcf with deep-cut extraction down the road. Although the test-rate data shows significant 
variability in the liquids cut from individual wells, at a minimum, results from the Kakwa area suggest a 
condensate floor of approximately 50 bbl/mmcf.