Bear Creek Energy Makes New Discovery in Alberta
Bear Creek Energy
|Monday, March 22, 2004
Bear Creek Energy has successfully drilled and completed a new oil pool discovery well in its core focus region of West Central Alberta. During the 82 hour production test the well produced a total of 2,300 barrels of light sweet oil at a low gas oil ratio with water cuts of approximately 10%. Over the last 66 hours of the test the well flowed at rates in excess of 600 barrels of oil per day ("bopd").
The well is currently shut in due to surface access restrictions. Bear Creek plans to bring the well on production after breakup at a restricted rate of approximately 60 bopd. Additional development drilling is planned after breakup, subject to surface access, to delineate the pool. Once the size of the pool has been determined, Bear Creek will make regulatory applications for GPP or secondary recovery. Upon approval of either application the allowable restriction would be removed and Bear Creek would expect to produce the initial discovery well and any additional successful development wells at rates approaching their productive capability.
Bear Creek owns a 100% working interest in the discovery well and in the one section crown p&ng lease containing the discovery well. Bear Creek also owns and/or has the right to earn interests ranging from 60% to 100% in several sections of p&ng rights offsetting the discovery well.