International Sovereign Energy Corp. reported on a three-well drilling program in the Peace River Arch, Alberta area where the Company, in conjunction with its partners, acquired additional acreage in Q4, 2007. The first two gas wells, in which the Company holds a 31.6% and a 40% working interest (W.I.), were recently drilled and both wells have been cased for production. Completion of the first well (ISR 31.6%) tie-in and production commencement is expected by mid-April, 2008. Completion, tie-in and production of the second well (ISR 40%) will take place after spring breakup.
These two wells are projected to produce approximately 2,500 mcf/d (417 boed/gross) providing approximately 146 boed/net to the Company. Drilling of the third well (ISR 40%) is in progress and appears to be promising via the early gas detection results. Completion results from the third well will be reported once they are available.
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