Brownstone Ventures Inc. has been advised by its joint venture partners, that Brownstone's 10% owned North Barcus Creek wells (#1-12 and #2-12) are still returning frac fluid, natural gas and gas condensate through production tubing with increasing pressures. With 25-35% of frac fluids remaining to be retrieved, the NBC #1-12 well is currently shut in pending pressure build up. The NBC #2-12 well, however, has production tested over 800mcf gas and 25-50 barrels of gas condensate per day from a 24 hour test. Reservoir pressure bombs have now been installed. Testing will continue as the wells clean out and pressure equalize. Over 800 barrels of gas condensate (a very high gravity light oil), extracted from these wells is being processed for trucking to local sales points.
The joint venture partners are encouraged by the strengthening trend of these daily results, despite a very harsh seasonal operating environment. Brownstone expects to have its engineers determine initial proven reserves at North Barcus Creek following completion of testing, during the first quarter of 2008.
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