OFA, in association with the Joint Venture have leased lands for several locations in North Dakota. The target in North Dakota is the Lodgepole Formation in Stark County. The average Lodgepole completion has an estimated ultimate recovery (EUR) of approximately 1,000,000 barrels and 500MMcf. The larger wells have EURs of 4,000,000 barrels and 1BCF. The target depth is 9,600' and estimated costs to casing point are $900,000. Completions are estimated at an additional $300,000. Initiation of the drilling program is subject to rig availability.
Aspen also announced that the Joint Venture has completed two test wells on its Southern Saskatchewan property. The wells were drilled on the eastern and western edge of the 52,533-acre property to test the potential gas zones in the Colorado Group formation. Both wells encountered gas shows in two zones. The lower zone in the eastern well was fracture stimulated and tested and is being shut-in to determine whether there is sufficient pressure to economically produce gas from the zone. The well is scheduled for completion and testing in an upper zone within the next two weeks. Completion of the western well is delayed until all tests have been run on the core samples and the log analysis is completed. Additional drilling locations will depend upon the results of the work in progress.
Exclusive of the Joint Venture, Aspen has completed two oil wells in Butte, Saskatchewan where Aspen holds a 35 percent working interest. The wells in aggregate produce approximately 50 boepd and increase Aspen's production to 350 boepd.
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