Nitro Petroleum is in final negotiations to purchase a working interest in two gas wells in the Bigoray area of West Central Alberta.
These two wells are capped re-completion wells in an area with proven production. These wells are projected to produce approximately 570,000 cubic feet of natural gas per day or approximately 100 barrels of oil equivalent per day. Because these wells are already drilled, they are supported by well logs, seismic, and subsurface mapping. There are multiple producing formations under this area including Viking, Glauconite, Detrital, and Pekisko.
Larry Wise, President of Nitro, stated, "This two well program provides Nitro another significant asset to our rapidly expanding portfolio of oil and gas assets in Central Alberta. We believe that it is time to be aggressive in our acquisition of these low risk production programs."
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