Petromin Resources reported that its recently completed well on lands held in the Redwater Area of central Alberta has been placed on production. Initial production has been averaging 48 barrels of oil per day (BOPD) with a low water cut of 2%. This production has been obtained without requiring a FRAC.
Petromin retains a 25% working interest, and a gross overriding royalty interest on an additional 25%, convertible to a 12.5% working interest after payout in the well (Netting Petromin a total of 37.5% working interest after payout). This is the 7th successful well drilled on the lands to date. Additional drilling sites are being evaluated at this time.
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