American Petro-Hunter reported on the accelerating activities at the Company's North Oklahoma Project where the third well in the drill program, designated NOK#3, is set to commence drilling operations. The well site location is currently undergoing preparations for the arrival of the drilling rig with a spud date anticipated shortly.
At the No. 2 well location, operations are moving on to completion status, with the running of casing, perforating and acidizing the pay zone prior to fracture stimulation in the over 45 feet of pay. In the event of a successful completion on all wells with no unforeseen delays, the Company anticipates that it should have all 3 oil wells; No. 1 and 2 as well as NOK#3 on production by the end of the month.
As previously reported, the No. 1 well was drilled and completed and has been put into commercial production with initial production rates anticipated, following recovery of all the fracture fluids and load, to be in excess of 350 barrels per day of high gravity light oil. The purchaser has been contracted for oil shipments from the storage tank facility constructed on the lease and the Company expects the first production revenue in early July.
The Company now has a working interest participation in 4 lease blocks and is moving forward towards increasing the overall acreage as new leases become available. The multi-well drilling and completion program on 40 acre spacing could see a minimum of 15 potential wells producing high gravity light oil above 3800 feet. The Company feels the North Oklahoma Project represents a low risk, high probability of success oil play that will provide a predictable revenue stream from the long life production of commercial wells.
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