NiMin Energy announced the initial production rate for the State #11 well drilled in the Ferguson Ranch field located in Park County, Wyoming which is part of the Bighorn Basin.
The State #11 well is the first new well drilled in the field, which the Company acquired in December 2009. The well was brought on-line on March 29, 2010 at an initial production rate of approximately 100 bopd (barrels of oil per day) which is in line with what the Company expects from new wells in this field. The State #11 well is the first of a planned 12 well drilling program in Wyoming this year, subject to raising the necessary capital.
Production from the four fields which make up the Company's Wyoming assets was 370 bopd gross when the Company acquired them in 2009. The initial production from the State #11 well represents a 27% increase in production for its Wyoming assets from one well.
Mr. Clancy Cottman, CEO and Chairman of NiMin Energy said, "We are very pleased with the initial production rate of the State #11. We acquired the Wyoming assets in December 2009 in part because we firmly believed we could increase production significantly through an in-fill drilling program and we believe these results prove the viability of that program as well as our ability to implement it." Mr. Cottman went on to say, "Our technical staff worked diligently to get this first well drilled, completed and on-line just 3 months after the acquisition."
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