Corcel Regulatory News (CRCL)

Caracal Energy Announces First Oil Shipments From the Badila Field CALGARY, Oct. 1, 2013 /CNW/ - Caracal Energy Inc. ("Caracal Energy" or the"Company") today announced its first joint-venture oil shipments from theBadila field in Chad. On June 9, 2013, His Excellency President Idriss Deby Itno held a ceremony toinaugurate the Company's production facilities and flowed first oil into thosefacilities. Yesterday, September 30, the Company commenced oil production from the Badilafield into its transportation system that connects Badila to the main exportline operated by TOTCO/COTCO, referred to as the Export Transportation System("ETS"). The Company will initially produce oil to fulfill the joint venture'sshare of the ETS line-fill, which is estimated at just over 450,000 barrels,after which it can accumulate oil for sale. Initial production is coming fromthe Badila-1 and Badila-2 wells, and additional Badila wells will be tied infor production in coming months as processing capacity is increased. The 30-inch diameter ETS, which will carry the joint venture's oil productionto the Atlantic Ocean port of Kribi in Cameroon, has the capacity to transport250,000 barrels of oil per day, of which approximately 150,000 barrels per dayis currently unused. Caracal's Joint-Venture partners are Société des Hydrocarbures du Tchad, agovernment-owned entity, and GlencoreXstrata plc. "First oil production is a milestone for our Joint Venture following theceremonial inauguration of our production facilities by His ExcellencyPresident Idriss Deby Itno on June 9, 2013. We are very pleased to beginproducing into the TOTCO/COTCO ETS, with first revenue expected in Q1 2014.Our development drilling and construction of additional facilities andtransportation infrastructure has continued over the summer, and we are onschedule to provide additional production from Badila and Mangara fields in thecoming months," commented Gary Guidry, President and Chief Executive Officer. About Caracal Energy Inc. Based in Canada, Caracal Energy Inc. is an international exploration anddevelopment company focused on oil and gas exploration, development andproduction activities in the Republic of Chad, Africa. In 2011, the Companyentered into three production sharing contracts ("PSCs") from the government ofthe Republic of Chad. These PSCs provide exclusive rights to explore anddevelop reserves and resources over a combined area of 26,103 km2 in southernChad. The PSCs cover two world-class oil basins with development opportunity,oil discoveries, and numerous exploration prospects. The Company trades on the London Stock Exchange under the symbol CRCL. Cautionary Statements Certain information in this press release constitutes forward-lookingstatements under applicable securities law. Any statements that are containedin this press release that are not statements of historical fact may be deemedto be forward-looking statements. Forward-looking information and statementsare often, but not always, identified by the use of words such as "anticipate","seek", "believe", "expect", "hope", "plan", "intend", "forecast", "target","project", "guidance", "may", " might", "will", "should", "could", "estimate","predict" or similar words or expressions suggesting future outcomes orlanguage suggesting an outlook. Specific forward looking statements included inthis press release include comments related to the expected timing of pipelinecompletion and facilities advancement; potential production rates; timing ofthe pipeline-fill and tie-in for production; expected completion of wellservicing operations; additional development of the Mangara and Badila field;expected drilling of the other prospects; and other matters. Subject toapplicable securities laws, the Company does not undertake any obligation torevise this forward-looking information or these forward-looking statements toreflect subsequent events or circumstances. The forward-looking information andstatements contained in this press release are expressly qualified by thiscautionary statement. Well-test results and production rates are notnecessarily indicative of long-term performance or of ultimate recovery. SOURCE: Caracal Energy Inc. For further information: Caracal Energy Inc.Gary Guidry, President and Chief Executive OfficerTrevor Peters, Chief Financial Officer403-724-7200 Longview Communications - Canadian Media EnquiriesAlan Bayless604-694-6035 Joel Shaffer416-649-8006 FTI Consulting - UK Media EnquiriesBen Brewerton / Ed Westropp+ 44 (0) 207 8313 3113caracalenergy.sc@fticonsulting.com