Petro One reported that the first hole of its first summer drill program has led to the discovery of a previously unknown light oil pool on the Company's 100%-owned J5 property in Saskatchewan, Canada. This conventional vertical well demonstrated an excellent flow rate of 9.63 cubic metres (60.57 bbl) of light oil to surface in just 7.75 hours from the Viking sand at a depth of 736.5 m, without stimulation, swabbing or pumping. Flowing pressure in the tubing measured at surface was stable at 1,000 kPa throughout the flow period, indicating a reservoir of excellent quality. The well has been shut in pending installation of a separator and adequate tanks later this week, at which time it will be placed in full production. With oil flowing to surface on its own, and excellent reservoir pressures, a pump is not necessary. Once the well is on stream, the results of a 48-hour production test and fluid analyses will be announced.
A final core analysis completed by Core Labs has confirmed excellent porosity up to 23.5% and unusually high permeability up to 3,980 mD over the perforated interval. This new oil pool is contained within an extensive Viking sand corridor on the J5 property indicated by the high-resolution seismic program shot by Petro One last spring. The excellent productivity of the 10A-15 well is explained by a highly porous and permeable basal channel facies that cuts across the main thick Viking sand fairway. As a result of this significant discovery, an expanded exploration and development drilling program of up to 17 additional wells has been planned on J5 to exploit the full potential of this newly identified reservoir.
"The discovery of a new oil pool with our first drill hole has exceeded the Company's expectations, and establishes the ability of our technical team," said Petro One's President Peter Bryant. "We look forward to determining the full extent of this new reservoir and expanding our production. This will serve as a solid foundation to build on."
"Petro One is to be congratulated on discovering such an outstanding quality reservoir sand on their very first exploratory well," said Harold Ryan, P.Geol., Geoscience Manager at Chapman Petroleum Engineering. "It is very rare to find an untapped reservoir in the Viking that has such excellent porosity and permeability and can be exploited by conventional drilling."
Production facilities are being installed to bring the well on stream, and a reserve upgrade is planned to be released in the immediate future. Detailed core and fluid analyses and petrographic and reservoir engineering studies are in progress to optimize development and production of this newly discovered oil field.
Preparations are also under way for summer drill programs on other Petro One properties with strong light oil potential. Petro One holds 100% of the oil and gas rights to fourteen stand-along properties in Southeastern Saskatchewan and Southwestern Manitoba, including the J5 property, pursuant to leases issued by the Provincial Governments. Further results from this summer's drill programs will be announced as they become available.
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