Phase III Testing Yields Positive Results at Cano Petroleum's Nowata Field

Cano Petroleum says that the third of three phases of laboratory testing to evaluate enhanced oil recovery (EOR) of its Nowata Field has been completed, yielding positive results. ASP flooding of the radial core from Nowata has recovered an additional 18% of the original oil in place (OOIP) after waterflood.

Jeff Johnson, Cano's Chairman and CEO, stated: "We are very encouraged by the final series of testing at Nowata. Based on these results, we will immediately begin the process of designing and implementing a pilot program at Nowata to determine ASP flooding effectiveness at the field level. We anticipate the pilot program will be in place and ready to begin injection during the summer of 2006, which if successful, should prove up to an additional 4.7 million barrels of reserves in the field."

The Nowata Field is located in Nowata County in northern Oklahoma and currently produces approximately 205 barrels of oil per day from the Bartlesville Sand formation. OOIP at Nowata is estimated at 58 million barrels and the field's current proved reserves are estimated at 1,537,000 barrels of oil.

ASP flooding is an enhanced oil recovery technique that can be employed to recover additional oil over and above primary and secondary recovery methods. ASP uses low concentrations of surfactants, polymers and other additives to improve the process that are added to the waterflood operations already in place, to "clean" stubborn or hard to reach oil from the reservoir, much like soap in a greasy pan.

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