Golden Aria has been notified by Texalta Petroleum Ltd., the operator of the Wordsworth light oil project, that based on positive production testing a new Horizontal oil well has been placed on production.
During the 8 hour test period the well produced oil at a rate of about 257 barrels per day. With the tubing set at approximately 3,400 ft depth, the well produced about 234 barrels of total fluid in 8 hours with 40 to 50% water cut. The water was load fluid with a minor amount of formation salt water. Intermittent amounts of gas flowed with each swab.
Golden Aria's operator expects that the well will produce initially on pump at a rate of around 150 BOPD, and like the first well may produce about 60,000 barrels in the first 2 years of its productive life.
This new well expands the company's knowledge of the porous reservoir distribution in this area of the field and will help in location of potential future wells to maximize recovery from the Wordsworth East field.
Robert McAllister, President of Golden Aria stated, "We are pleased to have increasing production and cash flow at a time of difficult capital markets, and also of the validation of our exploration models. We look forward to further corporate developments of both our oil and gas, and clean energy divisions, as we move forward into 2009.''
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