Base entered into a farm-in agreement in November 2009 to drill up to 5 Cardium horizontal earning wells in the Pembina area, with the potential for an additional 9 earned wells.
Base has reported the initial results of its first horizontal Cardium well in the Pembina area. The well was equipped, tied in and placed on production on March 18, 2010. The well has averaged approximately 100 BOE per day, comprised of 83 bbls per day of oil and 102 mcf per day of gas. To date the well has returned 45% of the load fluid from the six-stage frac program used to complete the well. The operator of the well is unable to predict the stabilized rate of production until an equivalent volume of the load fluid has been produced. The operator will continue to monitor the well over the next several months to optimize the well performance.
Base has earned a 30% working interest in this well and the related section under the farm-in agreement.
The second earning well under this agreement is expected to be drilled after breakup.
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