Darrell Brown, President and CEO of Mooncor Oil & Gas Corp. announces an update on the Corporation's activities.
White Hill Lakes Colorado Shales and Heavy Oil Projects
The Corporation has acquired a 100% working interest in the White Hill Lakes area as announced in a press release dated December 19, 2007. The Corporation has undertaken a thorough technical review of the data compiled from the drilling of 5 shale gas test wells and will be conducting a completion on one of its five shale gas wells during the second quarter. The five shale gas test wells were drilled in December 2006. The wells were open and cased hole logged, core samples were collected and were analyzed by Terra Tek Labs. The results from Terra Tek Labs are noncompliant with 51-101 standards and cannot be released at this time. Additionally, the Corporation is preparing to shoot 30 km of 2D seismic to delineate the heavy oil potential of the property. Two area wells drilled in the 1960s provide indications for the presence of heavy oil in the Mannville group. The drilling of one heavy oil well in White Hill Lakes is budgeted for 2008 at which time the Corporation will undertake additional core sampling from the shale intervals for analysis.
Lloydminster Heavy Oil Project
The Corporation is pleased to announce that oil production has commenced from the Lloydminster property that was acquired in February 2008. Mooncor conducted cleanout operations on the two wells in the Lloydminster area in early March. The first well (Mooncor 100%) was put into production at that time and produced at a restricted rate of approximately 30 bopd. The well sanded out again after 10 days of production. Clean-out operations have been conducted for the second time and the well restarted. Sand production was anticipated to be a recurring issue until such time as the near wellbore reservoir sand migration is mitigated. The second (Mooncor 60%) of the two wells is anticipated to be put into production by late April after completion of surface facility modifications. After the sand issues have been mitigated, flow rates are anticipated to be higher than these initial rates.
Bashaw Re-Entry Program
The Corporation and its partner conducted a workover in early March of a previously producing well from the Nisku D-2H pool. Results of the workover indicated that the water cone established from previous production had not subsided. The Corporation and its partner are evaluating available data (seismic, pressure and log) to assess the potential of a new well drilling location in the spacing unit of which Mooncor has earned a 30% working interest.
New Corporate Activities
The Corporation has identified a new shale gas opportunity in Western Canada. The land acquisition strategy is currently being finalized and negotiation with third parties should position Mooncor to advance this resource play by Q4 of 2008.
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