Central Alberta Area - At Tomahawk, the Company recently acquired a 100% interest in a five section (3,200 gross, net acres) license in the area. This land offsets existing Company lands and production. Work will begin immediately for a 3D seismic program across all these new lands to fully assess the geological potential. The primary geologic targets are similar to the Company's recent natural gas discovery at Tomahawk, as well, as other existing Company production in the area.
GEOCAN also recently participated for a 50% interest with an income trust partner in the acquisition of a nine section (5,760 gross, 2,880 net acres) license in the Heldar area. Plans are being formalized for a 3D seismic program across this area. Drilling targets on these lands include the potential for multiple light oil and natural gas zones in the Cretaceous, Jurassic and Mississippian periods. The partner has significant operations in the area with adjacent pipeline and processing capacity available. Heldar is located about 30 miles North of the Tomahawk property.
At Abee, the Company has entered into a farmin agreement to drill a Lower Cretaceous gas test in the area. This well is to be drilled in conjunction with another 100% interest gas test on Company lands. Currently, GEOCAN holds a 100% working interest in 11 sections (7,040 gross, net) acres in this area. The Company has also entered into an agreement to farmout out certain shallow oil and natural gas rights for one well on a portion of the Company lands not adjacent to the above drilling locations.
Lloydminster Area - At Mervin, the Company has completed the previously announced 100% WI Waseca well. This well is currently producing about 45 boepd.
At Edam West, the 18 miles of trade seismic acquired has resulted in the identification of a natural gas drilling location on the new Crown lands acquired in October.
At Staplehurst North, the 100% WI well drilled in November is now on production from the General Petroleum formation at daily rates of about 60 boepd.
At Northminster, the evaluation of the previously announced 3D seismic program has identified one potential drilling location with two to four contingent locations possible.
GEOCAN is a Canadian oil and gas exploration and production company and trades on the Toronto Stock Exchange under the symbol "GCA" and currently has 23,869,475 common shares issued and outstanding.
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