American Petro-Hunter announced that the No. 2 well at the Company's North Oklahoma Project commenced drilling on June 5th as anticipated. The Company expects the well to reach T.D. (total depth) of 3900 feet in approximately 3 days. It is anticipated that the completion program will be identical to the No.1 well with the running of casing, followed by the perforation and acidizing of the pay zone prior to fracture stimulation.
The No.1well was drilled and completed and put into commercial production with initial production rates anticipated to be in excess of 350 barrels per day of high gravity light oil subject to flowing recovery of all the fracture fluids and load. The purchaser has been contracted for oil shipments from the storage tank facilities constructed on the lease and the Company expects production revenues to begin in early July.
As previously reported, after a detailed review of available project engineering data combined with very favorable early results, the Company has increased its acreage position to an interest in 4 lease blocks at the North Oklahoma Project. The project now offers American Petro-Hunter a rapid, multi-well drilling and completion program with a full field development scenario of 15 potential wells anticipated to produce high gravity light oil above 3800 feet.
The Company is aggressively pursuing its ongoing program to identify and lease prospective targets offering qualified engineering on lands that provide low risk and a high probability of successful drilling and completion of commercially viable oil wells.
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