The 12-11 well is located 4 miles from the original pool discovery well at 6-32-71-26W5M and 3 miles from the well at 16-32-71-26W5M. The 16-32 well remains capable of flowing over 2,000 boepd of light sweet oil with no water, as previously announced. The 16-32 well is currently under a restricted production rate of 293 boepd which will be removed once good production practice has been approved.
The 12-11 well (100% interest) was rig released on June 11, 2006. This well was drilled to a total depth of 10,187 feet and encountered 27 feet of oil pay in the Beaverhill Lake formation with porosity ranging from 9% to 20% based on log and core analysis. The well flow tested at a rate of 1,375 boepd (88% oil and 12% gas) on a 9.52-mm choke with no water. The flowing pressure during the test was 6,620 kPa. The quality of the light sweet oil is 38 degrees API. The sustained rate has not yet been determined.
The 12-11 well is a step out development well in one large oil pool. The edge of the pool has not yet been determined. Delineation drilling is required to determine the extent of the pool.
Drilling and completion update in the Puskwa areaOne well located at 8-5-72-26W5M has been completed with further testing in progress. One well located at 8-32-71-26W5M has been cased with two zones encountered and has not yet been completed. Two wells, located at 16-15-72-26W5M and 7-15-72-26W5M, are currently drilling.
Development plan/br> Galleon has a 100% working interest in 31 sections of land in the Puskwa area. Using 3D seismic data and geological mapping, Galleon has identified 28 locations in this area. Additionally, 10-12 wells are planned to be drilled in 2006 to delineate the pool size. Two rigs have been contracted to drill continuously on this project.
FacilitiesThe gas plant is currently under construction and is expected to be operational in July 2006. A crude oil battery is scheduled to be constructed by December 31, 2006 with capacity of 10,000 barrels of oil per day.
Galleon is a technically oriented high growth junior oil and gas company with focused operations in the Peace River area of Alberta. Galleon commenced operations in October 2003 and has had significant success in acquiring undeveloped acreage, drilling and purchasing production. Galleon has access to over 922,000 gross acres of undeveloped land.
Galleon has 52 million Class A shares after giving effect to the 3 for 2 subdivision and 922,500 Class B shares issued and outstanding which trade on the TSX under the symbols "GO.A" and "GO.B".
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