The drilling program resulted in three new oil pool discoveries, yielding four producing light oil wells and one dry hole. All wells are currently flowing without the need for pumping equipment.
Southpoint drilled the initial Laprise discovery well in March, 2003. This well was placed on production at an initial rate of 300 barrels of oil per day (Southpoint - 60%). Two development wells were drilled in July, 2003 on the Laprise lands resulting in one well, currently on production at 250 barrels of oil per day, (Southpoint - 60%) and one dry hole.
Southpoint made an additional new pool oil discovery in North Laprise at b-a56-H/94-G-8. This well is currently on production at a rate of 350 barrels of oil per day (Southpoint - 70%). A second well in this pool is currently being drilled by a partner (Southpoint - 50%).
In addition, Southpoint is pleased to announce a third new pool discovery at West Bubbles. The well, at c-d84-B/94-G-8 (Southpoint - 100%), has tested at rates in excess of 500 barrels of oil per day and is currently being equipped for production.
Southpoint has identified seven firm development locations, of which four will be drilled prior to year end. An additional 16 contingent locations have been identified on Southpoint owned lands at Laprise, North Laprise and West Bubbles.
All wells produce light, sweet 44 degree(s) API crude oil and, based on similar reservoirs in the area, are excellent candidates for waterflood operations. Each reservoir is estimated to contain 2 to 3 million barrels of oil with ultimate recovery in the range of 1 to 1.5 million barrels each.
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