Ryland has provided an update on its Bakken drilling program in southeast Saskatchewan.
Surface facilities and a pumping unit are being installed on the Roncott 4-1-06-25W2 well following successful production testing. The horizontal Bakken well had an eight stage stimulation performed on the 1,040 meter lateral section. Post-fracture stimulation testing has shown daily oil rates of 90-120 BOPD (15 - 20 m3/day) with a current oil cut of around 45%. The oil cut is expected to continue to trend higher as the remaining load fluid is recovered.
A second Bakken completion, the Roncott 1-3-06-25W2 well, is in the initial stages of post-frac testing with results expected within two weeks.
The Roncott 4-36-05-25W2 well was Ryland's initial horizontal completion attempt in the Bakken formation; however, it encountered mechanical problems that effectively limited the stimulation of the zone to just a small portion of the lateral leg. A remedial stimulation plan has been designed and the work is scheduled to be conducted in the next 10 days.
Ryland is currently drilling two additional horizontal wells in the Roncott area to further delineate and evaluate its acreage position.
Encouraging core results and drilling shows were observed in the stratigraphic test and horizontal sidetrack in the Bakken zone of Ryland's Hardy 7-9-04-21W2 well. The well is cased and scheduled for a multistage stimulation this week. The Company believes that successful completion of this well will open significant drilling potential in the central portion of its acreage position.
In the course of drilling its Lake Alma 4-8-03-17W2 well, the Company completed a positive stratigraphic test result of the Bakken zone, including coring and logging of the section. A lateral leg was drilled to test a prospective zone in the Lower Mississippian Formation. Although good oil shows were observed during the drilling phase, no economic oil volumes were tested upon completion. Ryland has applied for a permit to drill a lateral leg from the wellbore into the Bakken Formation, which it anticipates it will commence in early 2009.
Ryland is advised that Triaxon Energy, Inc. has completed its permitting of the two initial wells to be drilled pursuant to the farm-out agreement between the companies, and that Triaxon intends to commence drilling the first well by mid-December. The proposed Hoffer 13-33-01-14W2 well will be a horizontal Bakken well in the southeast portion of Ryland's leasehold. A second earning well will be drilled immediately afterwards with the third earning well expected to be drilled by Triaxon during Q1 of 2009.
Ryland's drilling results to date reflect its transition from exploration evaluation of the Bakken Formation and other objectives to the production phase on its southeast Saskatchewan acreage. Based on the Company's multi-well Bakken drill program in the Roncott area and its evaluation program of the Bakken Formation to the southeast, Ryland has identified a number of areas in which it will continue to focus its Bakken drilling, with a view to increasing production and achieving positive cash flow.
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