North Peace Energy Corp. has confirmed that construction of its Red Earth Cyclic Steam Stimulation ("CSS") pilot plant is advancing as planned.
North Peace anticipates steam injection will begin with the L2 horizontal well during December 2008. After completion of the steam injection cycle in the L2 well, steam injection into the L1 horizontal well will commence.
The individual steam injection cycles are expected to last six to eight weeks. Initial production response will commence following steam injection and each well is expected to produce for approximately six to nine months. The steaming and production cycles will then be repeated.
The Company will be evaluating steam stimulation and production performance data throughout the steam injection and production cycles of both wells. The Company will utilize this data in evaluating the feasibility of a commercial project. In the second half of 2009, assuming technical conclusions and industry conditions support an economic project, the Company expects to submit an application to the Energy Resources Conservation Board ("ERCB") for the first 10,000 bbl/d phase of its targeted 30,000 bbd/d commercial project.
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