Crocotta completed its first Cardium Horizontal well in the Pembina area of West Central Alberta and has also drilled and cased its first Bluesky horizontal well at Edson, Alberta.
The Cardium well flowed at an average rate of 855 bbls per day over a 5.5 day test period and recovered approximately 62% of the load fluid prior to being shut-in to run pressure gauges. The well is scheduled to be on production May 1, 2010. Crocotta has a 22% working interest in this well. Crocotta has identified 13 gross (6.7 net) locations on its lands that are adjacent or in the immediate vicinity of the first test well and plans to drill a second well (43% WI) this summer. In addition to the above lands, Crocotta has 6 gross (6.0 net) sections of Cardium prospective land in the Pembina area that it is currently evaluating.
In the Edson area of West Central Alberta, Crocotta has drilled and cased a horizontal well in the Bluesky formation. The well was drilled with 1,300 meters horizontally and encountered good gas shows throughout the entire horizontal section. The well is scheduled to be completed in early June and on production immediately thereafter. Crocotta has a 29% working interest in the well. Crocotta holds an average 75% working interest in over 75 sections of land in the Edson area. More specifically, Crocotta owns an average 80% working interest in 10 sections of land adjacent to the Bluesky Horizontal and has identified up to 20 (16.0 net) additional horizontal locations pending successful completion of the first well. The Bluesky formation in the area produces approximately 80-85 bbls of natural gas liquids per 1.0 mmcfd of gas with an average liquids price of approximately 85-90% of WTI price.
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