Arctic Hunter Energy Inc. has placed on production its recently drilled and completed well on the Company's Landrose property in west central Saskatchewan in the Company's core heavy oil operating area. Since being placed on production in late January 2012, the well has produced at an average rate of 50 bpd of heavy oil.
The Company had entered into a Sub-Participation Agreement with Alberta Star Development Corp. and under the terms of the agreement, Arctic Hunter agreed to participate with Alberta Star in the drilling of this test well. Alberta Star holds a 50 percent working interest in the new well.
Under the terms of the Sub-Participation Agreement, Arctic Hunter must pay 50% of Alberta Star's share of the costs, to drill, complete and equip the test well to earn a 25% working interest (being 50% of Alberta Star's pre-participation 50% working interest) in the well. The well is located in Landrose, Saskatchewan on Section 6-50-26-W3M.
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