Sawtooth Sees Success at Redwater Prospect
Sawtooth International Resources
Sawtooth International Resources was
successful with its second well of its planned 10 well Redwater
drilling program. The well has been cased as a potential new pool gas well and
will be completed and production tested during April. In addition, Sawtooth
encountered a new oil pool that will be tested within the next 30 days. The
Company has completed a 3-D and 2-D seismic program which has identified
11 potential oil locations consisting of 3-4 new pools and 5 potential gas
locations.
Well licensing is proceeding with an 8 well drilling program planned following Spring break-up.
Three gas wells are in the process of being tied in. A successful production test is currently being finalized on a recently drilled gas well pending an AEUB Pooling Order. The company's existing Redwater 32 degrees API oil pool which has been producing since 1994, has a remaining index life of approximately 20 years. A new Electrostatic Crude Emulsion Treater has been ordered to increase oil treatment at the Redwater 3-7 battery facility. Installation is expected to be completed during May 2005.
Sawtooth is targeting a 2005 exit production rate of 1500 boed.
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