American Petro-Hunter reported that the recently completed NOS122 well is undergoing production testing and appears to be a strong producer and is outperforming expectations to date.
The NOS122 well is located at the Company's North Oklahoma Project. The production test and evaluation phase has been ongoing over the past few weeks with high gravity light oil produced to the storage tank from a 6 foot pay zone. The oil cut has been steadily over 90% with some associated gas. The well has been producing oil at rates in a broad range generally between 50 and 70 barrels per day.
Although a stable daily production rate hasn't yet been established, the Company has been informed by the operator that the pay zone would benefit from a light fracture stimulation which would in all likelihood allow a significant increase in daily rates. The partners are now preparing a simple fracking plan that will be implemented in the upcoming days.
The establishment of a full tank battery and ancillary production facilities is in the final stages of construction on the lease. Currently, oil in the onsite storage tank is being prepared for sale to the local purchaser and inaugural sales are expected shortly. As reported earlier, the partners have identified a minimum of 3 additional offsets to the NOS122 for future development.
Company President Robert McIntosh stated, "We are very pleased at the early test results at NOS122 and to be producing oil at levels that have exceeded our expectations. The plan to stimulate the reservoir and bring on even more oil, as well as our intent to drill additional wells very shortly, is rapidly moving this leasehold into becoming a key component of our growing production portfolio."
American Petro-Hunter has a 50% working interest in the NOS122 and oil is sold to Sunoco, the regional purchaser.
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