The company has drilled and cased its first well on its Foam Lake project and is nearing total depth on its second well of an anticipated 16-well drilling program. PanTerra, along with its partner Stealth Ventures Ltd., intends to evaluate the Upper and Lower Colorado Group for shallow gas. Extensive sample and core analysis will be undertaken to better understand and evaluate this area for gas potential.
Meanwhile, at PanTerra's Moose Jaw property, the company has surveyed 16 locations and is in the process of obtaining well licenses and surface leases. The company is in negotiations with several rig companies and expects to have a rig on-site to spud its first well by the end of July. At Moose Jaw, PanTerra and Stealth plan to evaluate the Milk River Formation plus the Upper and Lower Colorado Group. PanTerra also plans to drill a number of wells deeper, targeting the Middle Jurassic where it has identified potential by-passed pay. As at Foam Lake, the company plans to undertake extensive sample and core analysis on its Moose Jaw wells to better evaluate the area for gas potential.
Once the first phase of drilling has been completed, PanTerra intends to cased-hole log both projects, including its first two wells drilled last February at Shell Lake. The company will then enter the “evaluation phase” in its three project areas. The Shell Lake evaluation has been delayed in order to incorporate it into the Foam Lake and Moose Jaw projects, to reduce the expected costs of mobilization and field related logistics.
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