Primary Petroleum on Tuesday provided the following drilling updates on its Pondera-Teton Prospect located in the Southern Alberta Basin Bakken Fairway in NW Montana.
-- Primary has completed drilling, coring and logging of the six vertical stratigraphic test wells as part of the Phase I Joint Venture Exploration Program in Pondera and Teton Counties, north-western Montana. The vertical depth of the six wells ranged from 4,200 feet - 6,500 feet with at least 120 feet section of core taken from the Bakken System in each well. Production casing has been set in two wells to test the Bakken System for the planning phase of the horizontal program and test the conventional or secondary reservoirs. The Company and its JV Partner continue their analysis of the data collected from the Bakken system and conventional reservoirs. Once all of the data from the vertical program has been evaluated a more detailed update will be disseminated prior to the commencement of the horizontal program.
-- Based on the data collected from our vertical test wells, Primary and its JV Partner have agreed to move forward on a secondary drilling and production-testing program of up to four vertical wells. This secondary program will evaluate conventional Nisku, Sun River and Sunburst reservoirs. This program will commence immediately and be completed prior to the commencement of the Phase I horizontal program.
-- The JV Partner is formulating plans to secure a drilling rig and major services for the upcoming horizontal drilling program to production test the Bakken System formations. The horizontal program is expected to begin in late June or early July.
-- Strategic land acquisition in our area of interest is continuing.
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