Arsenal Energy Inc. released the results of its Q4 2007 drilling program. The company drilled two successful wells at Maidstone and one each at Galahad and Consort.
The Maidstone drilling resulted in a 100% WI Colony well that tested gas at approximately 350mcf/d. Tie in operations to a third party facility are underway and should be complete by March 15. A second 100% WI well was completed as a heavy oil well and is producing approximately 20bbls/d.
The Galahad 100% WI well encountered a targeted new pool Ellerslie oil zone as well as an up hole Glauconite gas zone. The gas zone has been completed and tie in operations are underway. Arsenal anticipates production of 1mmcf/d by the end of March.
At Consort the company drilled a 100% WI Ellerslie medium gravity oil discovery. The well has been on production for two months at 135bbls/d of oil. Arsenal was successful at the March 5, 2008 Alberta sale securing lands offsetting the discovery. Arsenal has proprietary 3D seismic over the discovery and has identified five additional development locations. The development wells and the associated infrastructure are increases to Arsenal's 2008 capital program which Arsenal intends to fund from its recently announced private placement.
Arsenal is currently in the middle of a nine well Q1 drilling program. Indications to date are encouraging and the company anticipates releasing results by early May.
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