Park Place Energy Corp. announced that the Operator of its Eight Mile North Property in N.E. British Columbia, has placed the 7-8 81-17 W6M Doig Discovery Gas Well on production at an initial rate of approximately 4 million cubic feet of gas / day ("mmcf/d") plus 60 barrels of liquids with no associated water. The flowing pressure of the 7-8 Discovery Well is approximately 8,375 kPa.
The 7-8 Discovery Well was drilled in 2007 to a total depth of 1,988 metres. Park Place has a 40% working interest in the 7-8 Discovery Well Before Payout that is subject to a proportionate share of a 12% royalty payable to the Operator. After Payout the Operator's royalty will be eliminated and Park Place's working interest will be reduced to 24%.
Eric Leslie, President and CEO of Park Place stated "We are extremely pleased with the production rates that are being recorded on the 7-8 Discovery Well. Park Place has committed to pay $333,000 towards a large 3D seismic program that has been shot and interpreted over our Eight Mile North Property. This data will assist us in determining where best to potentially participate in the drilling of additional test wells on our Eight Mile North Property."
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