Enterra Drills, Starts Production from 5 New Wells in Canada
Enterra Energy Trust has completed a five well drilling program in Canada with 100% success. The program began in mid-May and resulted in five oil wells, two of which are already on production and the remaining three are in the testing phase with tie-in to production anticipated by July 15, 2008. Based on initial tests, the Trust anticipates that approximately 250-300 boe/day (200-250 boe/day net) of initial oil production will be added by these wells. Production will be principally reflected in the Trust's third quarter 2008 results.
"The drilling went smoothly and our technical team is pleased with the results," said Jim Tyndall, Enterra's Senior Vice President and Chief Operating Officer. "We are already considering follow-up wells. We are on target for our $15 million Canadian capital spending budget in 2008, with about $7 million spent in the first half of the year. During the third and fourth quarters, our technical team will continue to ready our prospects in Canada in preparation for fall and winter drilling."