ProspEx Resources provided an operational update with respect to certain projects within its 2010 capital program.
At Brazeau, ProspEx's 15-9-47-12W5M horizontal well (the "15-9 well") has been successfully drilled and completed in the Notikewin formation. Following the multi-stage fracture stimulation, the well was configured for production and produced on test for 9 days with a final rate of 1.0 million cubic feet per day. ProspEx is the operator and has a 64.5% working interest in the 15-9 well.
The 15-9 well showed gradually increasing flow rates over the course of the flow test. The Company plans to tie the well into the local pipeline system and put the well on production when surface access conditions permit after the spring break up period. Longer term production data is expected to provide additional information with regard to the ultimate productivity of the well, and is expected to be used to guide future drilling plans in the area.
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