Triangle has announced that the Precision Rig #176 is contracted and drilling has commenced at the Kennetcook #1 well. This well is the first of Triangle's two planned vertical wells in the Windsor Basin. Both wells are expected to be drilled to a depth of approximately 1,350 - 1,500 meters. Triangle is the operator of the well and has the right to earn a 70% interest in Contact's 516,000 gross acres Windsor Block by completing the Kennetcook #1.
The locations were chosen based on previous geological work in the area, and significant coring and logging operations will be undertaken during drilling to more fully analyze the potential resource. Triangle's geological mapping and analysis of the entire basin included the review of approximately 120 miles of 2-D seismic over this acreage along with drill cuttings and log analysis from a 1975 well which indicated in excess of 200 meters of shale thickness believed to be capable of gas production. The Mississippian Horton Group is the target shale zone.
The Kennetcook # 1 will be the first of Triangle's two vertical wells in the Windsor Basin, which are expected to be complete by early October. These well site locations were chosen based upon the geological work as stated above and the close proximity to the 1975 conventional well. During the drilling of these two wells, Triangle will perform extensive coring and logging.
In addition to the two vertical wells, Triangle is planning to acquire a 25 square mile 3-D and a 30-mile 2-D seismic program in order to further define the Horton Shale over a select area of the land block. The seismic program is currently in the permitting and field logistics phase and is expected to be acquired this fall. Processing is scheduled to occur over the winter months.
For the completion of the Windsor wells, Triangle will develop a hydraulic fracture stimulation program for the two wells once the analysis of the core samples, logs, and other tests have been completed. Completion and flow testing of both wells is anticipated to occur in the fourth quarter of this year. The technical evaluation of the drilling, coring, seismic and completion programs will allow Triangle's exploration team to quantify the gas in place estimates. These results will then be reviewed and verified by independent industry experts by the end of this year.
Contact announced the farm-out of the Windsor block to Triangle on June 11, 2007. The Kennetcook #1 well will be part of the earning process in the Windsor block. By moving to a non-operated working interest in the Windsor block, Contact is able to still participate significantly in the area with a company whose expertise is shale gas exploitation, while allocating operational resources to the Stoney Creek field production and South Stoney Creek exploration activities. Additionally, Triangle has the option to earn a working interest in Contact's 68,000-acre shale gas horizon in New Brunswick.
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