Wiser Oil has 76% Success Rate with Canadian Winter Drilling
The Wiser Oil Company revealed that its subsidiary, Wiser Canada, participated directly in the drilling of 19 wells and participated through farm-outs in two wells for gross overriding royalties. Sixteen of the twenty-one wells were completed, for an overall success rate of 76%. Wiser Canada expects to increase its working interest production from this program by approximately 1,140 BOED or approximately 6.8 MMCFD.
At Wild River, four wells have been completed for Cretaceous gas production. Tie-ins are pending the resumption of work after spring breakup. Wiser's expected working interest production increase will be in excess of 2 MMCFD at this property, where Wiser's working interest is generally 50%, with one well at 24%. A fifth well has encountered 34 feet of apparent pay in four separate intervals in the Cretaceous enroute to a deeper target and is the last well in this winter's program.
Our shallow gas fields at Wolverine and Bison Lake were further developed with four wells, three of which were successfully tied in. Including some re-completions and optimizations, these wells have added some 1.0 MMCFD to the Company's WI production. Wiser's interest is generally 100% throughout this large property.
Two development gas wells in the Chinchaga field have been completed and tested at combined rates to our working interest of 190 BOED. One well is presently tied-in, while the other is to be tied-in during the summer.
Drilling in the Evi/Loon area has yielded three wells with combined working interest production of 385 BOPD. In the Evi area, a 100% WI infill location is currently on production at 100 BOPD. A second infill well was drilled in the Loon Field in which Wiser has a 33.3% WI. This well is currently producing 200 BOPD to our working interest. Both of these infill wells have potential for increased production with pumping equipment optimization. Wiser also participated in a new field discovery in the Red Earth area. Wiser's 50% WI is producing 85 BOPD at an allowable-restricted rate. Several potential development locations are being considered for this discovery.