Incremental production was achieved from tie-ins of wells drilled in 2002 and early 2003, re-completions of existing wells and fracture stimulation of Milk River in 150 Medicine Hat wells.
Since September 2001, Promax has increased production from its Medicine Hat wells by 114% to almost 900 BOEPD and production from its deeper wells by 68% to 1650 BOEPD.
Plans for 2003 include completions and recompletions on up to 50 existing wells, drilling of up to 55 Mississippian and 176 Medicine Hat test wells, all subject to suitable financing, cash flow and access to services at reasonable prices.
Reorganization of the Corporation into an Energy Income Trust and an Exploration/Development company will result in approximately 1000 BOEPD of longer life, lower decline production and 666 BOEPD of hedges being held by the Trust and approximately 1550 BOEPD with hedges of 1334 BOEPD held by Promax. Incremental production from the re-completions, drilling and tie-ins planned for 2003 will accrue to Promax.
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