The well, drilled by Precision Drilling, was drilled to a vertical depth of 752 meters followed by a horizontal leg of over 700 meters.
The well was recently cased. The operator anticipates testing to begin during the first week of December. This well is the first well drilled as part of an initial 10 well program targeting the Blue Sky formation over the 69.5 sections at Sawn Lake which is located about 60 km from the Black Rock Ventures, Inc.'s heavy oil project. These 10 wells will be drilled at no cost to Deep Well in order for the farmout partner to earn their 40% share of the project.
Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have an 80% working interest (subject to a farmout agreement) in 63 contiguous sections of oil sands leases and 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. After the farmout partner fully earns it's interest Deep Well will directly hold 40% of the project. In addition, Deep Well owns 31.4% of our farmout partner's shares. A previously published independent engineering report by Ryder Scott estimated that, there was 819,000,000 original barrels of oil in place.
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