In Q1 Exceed drilled a 100% working interest Edmonton Sand well at Coyote. The well was successfully completed in late May 2007. The well's initial response exceeded expectations and thus pipelining operations were immediately commenced. The well should be on production by the end of June and is expected to have a significant impact on the Company's production. After an evaluation period of the first well's performance, Exceed plans to drill up to two additional wells on its 100% working interest lands in the Coyote area.
Exceed has contracted a rig to begin drilling its second Roxana well on or about June 10, 2007. The well is expected to take 14 days to drill. Similar to the first Roxana well, the primary target zone of the second well is the Beaverhill Lake sand with secondary zones comprising the Slave Point and Granite Wash.
The first Roxana well began production in January 2007 flowing to surface at a rate of 120 bbls/day of oil through a 4/64th inch choke. It is currently flowing to surface, without the aid of a pump, at 68 bbls per day of oil through an 8/64th inch coke and is rate limited by EUB MRL regulations until gas conservation measures are put in place.
Exceed holds a 50% working interest in the first well with the remainder held by Galleon Energy Inc. Exceed has a 30% working interest in the second well. A third well has been proposed based on 3D seismic that the Company has shot in the area. Exceed's interest in this third location would be 50%.
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