Dynamic Oil Completes Two Wells in Alberta
Dynamic Oil & Gas, Inc. announced that completion operations in two existing wells have resulted in two new, liquid-rich natural gas discoveries at its St. Albert, Alberta property.
The wells were completed in two previously untested Lower Mannville zones on the property. The first well tested gas at a calculated Absolute Open Flow at surface ("AOF") of 12.7 mmcf per day. The second well tested gas at a calculated AOF at surface of 35.9 mmcf per day. Both wells are expected to produce at a combined restricted rate of 5.0 mmcf per day into Dynamic's St. Albert Sour Gas System starting in November 2001. Total deliveries of sour gas are expected to increase from 13.0 mmcf/d to approximately 18.0 mmcf/d.
In addition, Dynamic has recently increased deliveries by 1.3 mmcf per day into its St. Albert Sweet Gas System from existing pools through current workovers and facility modifications.
Wayne Babcock, Dynamic's President, commented: "We are pleased to announce these early results from our initiatives at St. Albert. We have identified a number of opportunities designed to enhance value and increase cash flow from the field, including new well drilling, production optimization, facility enhancements and operating cost improvements."
Dynamic has been operator of the St. Albert property since acquiring a 75% controlling interest this past summer from Apache Oil Inc. The St. Albert field is located in central Alberta near the City of Edmonton. The property consists of nineteen producing gas wells, six producing oil wells, a solution gas plant, oil battery and 13,336 gross producing acres of land. To date, the property has produced in excess of twenty-three million barrels of oil and 83 billion cubic feet of raw gas.