PetroGlobe Inc. provided the following operational update and results of its first quarter work over program.
The Corporation initiated a work over program in March 2008 following the completion of a private placement earlier in the quarter. The program involved the Corporation's Alberta operations and included ten perforations of additional pay intervals as well as two fractionation stimulation treatments in tied-in well bores. The work over program resulted in a 65% increase in working interest production from a February average of 860 thousand standard cubic feet per day (mcf/day) to a stabilized 1,421 mcf/day, which is a record for the Corporation. The Corporation's working interest cost of the work program was approximately $200,000.
"I am extremely pleased with the results of our winter work over program. The significant increase in production with only modest cash outlays provides further support to our shallow gas business model. With our increased cash flow from operations, vastly improved realized prices and improved financial position, the Company plans to drill several infill wells as well additional exploratory wells once road bans are lifted," commented CEO Jason James. "Our geologic and our operations team has done a great job of identifying bypassed pay as well as planning and executing the work over program. This is the first stage of our new management team's plan to aggressively grow the Corporation's operations."
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