Experimental fracture treatment programs have been initiated in old wells in the Coora Field with the intent to by-pass reservoir damage and re-establish communication between the undamaged reservoir and the wellbore. Three treatments were undertaken in the first quarter of 2006 with encouraging results that confirmed the increased production potential of these reservoirs. In preparing additional fracture treatment candidates, two further wells were subject to heavy workovers to remove old liners which were obstructing access to the reservoir. After removal of the liners, both wells starting flowing oil to surface at high rates indicating higher than expected reservoir pressures. Both flowing wells subsequently demonstrated expected initial declines and CO 197 has been put to pump and this is in the process of being optimized. CO 108 continues to produce under natural flow.
Production volumes have steadily increased through 2006 and, as of August 31, sales for the month averaged 473 bopd (Cirrus share 232 bopd). This represents an increase of 250% since January 2006. Work continues in identifying additional workover candidates from the 354 old wells that are accessible to Cirrus under the Coora Leases and it is expected that workover activities will continue for the foreseeable future.
The Coora leases were renewed by the Petroleum Company of Trinidad and Tobago Limited ("Petrotrin") effective August 1, 2006, for a further five year term.
Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary with operations in The Netherlands and Trinidad and currently has 43,267,333 common shares outstanding (47,112,333 fully diluted).
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