Anticipated production, when these tie-ins are completed is expected to be 600-650 boed. Current production is 425 boed. During March 2005, the final two tie-ins are scheduled to be completed, including a well to be pooled, and are anticipated to increase production to 1,100 boed. On February 2 - 4, 2005, Sawtooth attended an AEUB pooling hearing on a recently drilled Fort Saskatchewan gas well (W.I. 75%) and is awaiting the hearing results. Sawtooth anticipates a positive outcome having supported its position with 3D seismic, geological mapping and proprietary well data.
A two-section, 3D seismic program, recently completed at Fort Saskatchewan, is currently being processed to establish further oil and gas drilling locations. Up to 10 drilling locations are planned for 2005, with three to five scheduled for the 1st Quarter of 2005. Two locations are currently built, awaiting rig availability, with an additional three locations under negotiation. Sawtooth has acquired an additional two sections in the Redwater/Fort Saskatchewan area, bringing total land holdings in the area to approximately thirty-two sections. Following spring break up, additional drilling will take place during the summer of 2005.
Lessard (Twp. 123-18 W5M), Sawtooth (W.I. 10-14%, 6400 gross acres)
A Keg River oil well has been re-completed as a Slave Point/Sulphur Point gas well. The well tested approximately 500 mcf/d from each zone. An additional gas well in the area is expected to resume production in the near future.
Sawtooth is currently participating (W.I. 10%) in the drilling of a well at Lessard, targeting Keg River Oil and Slave Point/Sulphur Point Gas. The Lessard lands straddle the Hay River Fault, which provides the hydrocarbon-trapping mechanism. Year-round production is provided by an established gathering system.
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