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| image by: Nextraction |
Nextraction Energy Corp. (TSX VENTURE:NE) announce flow test results from its latest completed horizontal well on its Provost Viking light oil property in eastern Alberta. The well was drilled with a 665 meter horizontal leg and completed with an 11 stage fracture stimulation. The well was flowed back on cleanup for 130 hours producing a total of 1,243 bbls of oil and 566 bbls of water, for an average rate of 229 bbls/d of oil. At the end of the initial test period, the well was flowing with a 90% oil cut and 40% of the frac fluid had been recovered.
The well is located on the western acreage that was purchased in July 2011 where the Company had no reserves assigned as at December 31, 2011. This is the second well in the Company's 2012 capital program. Production facilities are currently being installed and the Company anticipates the well will be on production within the next two weeks. A new surface pad is being acquired and a drilling rig is being contracted to drill the third well in the program, which is expected to commence within the next 60 days.
Nextraction owns a 50% working interest in the well and has identified an additional 7 offset drilling locations on the section. In addition, the Company owns a 100% working interest in one contiguous section of land and has identified 8 drilling locations on that section. This is in addition to 18 further locations on the 50% working interest eastern acreage where Nextraction's first well in the 2012 drilling program tested at similar rates to the current well (see press release dated July 4, 2012).
Company President, Kent Edney, states, "We are very pleased with the ongoing development drilling program at Provost. Nextraction is now well positioned for continued growth with improving cash flows based on our extensive inventory of light oil drilling locations."
The Company cautions that these are initial test rates and this well, along with future wells, may not achieve similar sustained rates when on continuous production due to natural declines, surface equipment restrictions and pumping inefficiencies.
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