Goose River Resources announced the results of its recent drilling activity. Three wells at Redwater, Alberta have been drilled and cased on this oil producing property, two of which were drilled at 100% working interest, and the third at 89%. Activities are currently in progress for the completion of these wells, with oil production expected to commence in February, 2004. Goose River plans to drill three more wells on the property prior to spring breakup, at working interests ranging from 89% to 100%. Technical studies are underway to evaluate the merit of reducing the well spacing on the property to provide for an additional 8 to 12 locations on the 100% Goose River owned acreage.
At Kaybob, in west central Alberta, Goose River has two separate Company-operated projects where activity will be undertaken in the next six weeks. A re-entry and completion of the Notikewin gas zone will be done at 12-22-60-16W5M. The second project will be the drilling of a Gething gas test at 9-27-58-16W5M. Goose River will have a 50% working interest in both of these wells, and is the Operator.
At Grand Prairie in west central Alberta Goose River has now completed the farmin negotiations on five sections of petroleum and natural gas rights which complement offsetting Crown land purchased at a recent sale. This high impact project will involve the drilling of a Kiskatinaw gas test, currently scheduled for March 1, 2004. Goose River is the Operator of this project and has a 33 1/3 % working interest.
At Paradise Valley in east central Alberta where Goose River operates and holds a 50% interest in 4,800 acres of land, the first exploratory well was drilled and cased in November, 2003. The Colony gas well tested at low rates and will be tied in for production based on follow up drilling results. Following completion of 31 kilometers of seismic in January, a second well has been licensed on a much larger geophysical feature, and will be drilled in the next 30 days.