American Petro-Hunter updated the status of production and operations at the Company's NOJ26 Well, North Oklahoma Project.
NOJ26 recently went on pump and following the ongoing separation and pumping off of the fracture load, the oil production rates have been increasing on a daily basis. The oil cut has now passed 10% and with the installation of a submersible pump and increase of the pump stroke rate, the well capacity will move 400 to 500 barrels of fluid daily, thereby escalating oil production to 40-50 barrels of oil per day.
As the oil cut increases and water levels drop, the production target of 100 plus BPD remains achievable over time. The ultimate test of the well will be oil produced to the tanks. Light Oklahoma sweet crude, quoted on Jan. 13th by Sunoco is $88.50 and oil is now being sold from NOJ26 with the Company anticipating its inaugural net revenue proceeds from the well in February.
In addition, American Petro-Hunter also reported that NOJ26 well is producing natural gas at commercial rates. The gas buyer has taken a sample showing high BTU values and is now working to connect the well to nearby existing infrastructure. Gas rates have been calculated between 25,000 and 35,000 MCF per day and the revenue generated from the gas is currently slated to aid in funding operational costs at the project.
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