Ryland's exploration focus continues to be on the Bakken formation in its 81 sections in the Flat Lake area of Southeast Saskatchewan which it has joint ventured with Crescent Point Energy Corp. as operator. (Ryland's original joint venture, TriAxon Energy, was recently acquired by Crescent Point). Crescent Point's third farm-in horizontal well on Ryland's Bakken lands in the Flat Lake area of southeast Saskatchewan, located at 1-22-1-14W2, is continuing to produce approximately 180 barrels of oil per day. This was the third earning well drilled by Crescent Point under the farm-out agreements, with Crescent Point paying 100% of the costs to drill, complete and equip the well to earn a 50% working interest in a portion of Ryland's surrounding acreage.
Crescent Point has successfully drilled and completed a fourth earning horizontal well located at 3C5-30/4D8- 30 -1-1-15w2, approximately 4 miles northeast of the 1-22-1-14W2 well. A 16 stage horizontal fracture stimulation of the well was completed successfully. Crescent Point is taking steps to increase lifting capacity to reduce the fluid column in the well. The well is currently under confidential status.
Crescent Point also successfully completed a 16 stage horizontal fracture stimulation on its fifth earning well late last week, located at 4C14-12/4C14-13-1-15W2, approximately 5 miles west of the1-22-1-14W2 well. The well is currently being equipped for production.
Crescent Point may elect to drill a total of 7 earning wells to fully earn in to its rights for the Bakken Formation across the Company's extensive Flat lake acreage position.
Ryland also continues to consider strategic alternatives with its financial advisor and agent, GMP Securities LP, to enhance corporate and shareholder value.
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