In late 2007, Glamis Resources refocused its resources on the development of its new light oil area at Queensdale in southeast Saskatchewan where the Company has successfully assembled a sizeable land base and completed two 3D seismic programs. Interpretation of the seismic identified a significant structure that was successfully tested in December 2007. Glamis drilled a 100% working interest horizontal well that is currently producing approximately 140 bbls of oil per day. Based on field estimates Glamis exited the year at approximately 335 boepd (98% oil).
With the success of this first horizontal well, Glamis is now expediting the development of this area and has spud a second horizontal well into the same structure. The Company believes there is potential for up to 10 (8.5 net) horizontal development locations in this core area. A further two horizontal and a single vertical location are currently being licensed and are expected to be drilled over the next few months. The vertical location will be an exploration well targeting a new pool and, if successful, six horizontal development locations will be available to the Company. In addition, 2 more exploration targets have been identified on 100% working interest Glamis lands.
As well, Glamis has identified 4 (2.8 net) Bakken locations at Griffin/Innes, Saskatchewan. These lands directly offset recently drilled Bakken horizontal oil wells.
In southern Alberta, Glamis is currently licensing a step out well adjacent to its 100% operated, Conrad Ellis oil pool. This development well, targeting medium gravity oil from the Sawtooth formation, could extend the Ellis oil pool significantly generating up to 8 more development locations. In addition to its activities in southern Alberta, Glamis continues to seek out high impact light oil exploration and development targets on the Peace River Arch.
Concurrent with its drilling program, Glamis continually seeks opportunities for expansion of its core areas as well as new projects with the potential to add significantly to the Company's production and reserve base.
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