The two wells were spud late in the third quarter and were drilled to a vertical depth of 1100m with a 1500m horizontal leg into the Upper Devonian Bakken/Torquay formation. The wells were completed open hole without fracture stimulation and placed on production this week. The average initial flow rate for the two wells was approximately 110 boe/d each.
The total cost for these two wells, net to Questerre, is expected to be approximately $1 million.
Plans are underway to spud two additional horizontal wells and commence a 25 square mile 3-D seismic survey prior to year-end. It is expected the seismic survey will better define the target Bakken/Torquay formation and assist in locating both exploration and development wells for the 2008 drilling program.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, "These positive initial drilling results coupled with current oil prices illustrates the attractiveness of the Magnus acquisition."
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