Ryland has provided the following update on its drilling program respecting its southeastern Saskatchewan properties.
Ryland completed drilling on the current phase of Bakken evaluation wells on its acreage position in early January, despite considerable delays encountered due to severe winter weather. The focus of the work has been on expanding the productive area around the Roncott field. The Company's current production from the Roncott area is principally from two horizontal Bakken wells.
One of the wells, which was put on pump in late December, 2008, is currently producing approximately 85 bopd. The second well, completed shortly thereafter, is showing a steadily increasing oil cut as frac fluid is recovered. The Company is also receiving minor contributions to its production from one of the horizontal wells drilled earlier in 2008, as well as several vertical wells in the main Roncott field area acquired through the purchase of Viceroy Resources Ltd., which contribute 20 to 25 bopd. In total, Ryland is currently producing approximately 145 barrels of oil per day from its Bakken wells in the Roncott field. Ryland is very encouraged by these results to date, having regard to its success in achieving production from horizontal wells in the Bakken formation and the large number of potential well targets on its sizeable acreage position.
Three additional horizontal wells in the Roncott area have been drilled and cased and are in various stages of completion and testing, and are expected to be on production in February.
The Company has also completed a horizontal well in the Hardy area with a multistage fracture treatment, which yielded positive oil results in the initial flowback after the stimulation. The well is currently being equipped to pump and is projected to be on production in the first week of February, subject to favourable weather conditions.
Triaxon Resources has drilled and stimulated its first earning well on the farm-out acreage in the Flat Lake area of Ryland's properties. The well is being equipped to pump and is expected to be on production in approximately two weeks, weather permitting. An earlier well was abandoned due to mechanical problems prior to reaching the reservoir target, and a replacement well is currently being evaluated.
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