Shaker Resources is mid-way through a 13 well summer drilling program in its Central Alberta, Canada core area. Drilling to date has resulted in three light oil wells which are currently being placed on production, two gas wells and one dry and abandoned well. Two of the wells have discovered new oil pools. Shaker is the operator of the entire program and has an average working interest in these wells of 63%. Of the seven wells remaining to be drilled in the program, five are development wells and two are exploration wells. These wells will be targeting multi-zone potential in both natural gas and light oil prone areas.
The Company will provide ongoing drilling and production results over the duration of the summer program, anticipated to last six to eight weeks.
In addition, Shaker is currently shooting seismic in support of its fourth quarter drilling program, comprised of six wells. The Company has recently acquired over 4,500 gross acres (3,300 net) of undeveloped lands at crown sales to add to its existing 28,000 gross acres (18,000 net) of undeveloped land.