Lexxor Announces Discovery in Saskatchewan
Lexxor Energy Inc. is pleased to announce preliminary results of a recent horizontal oil well located in southeast Saskatchewan.
During a 68-hour test the well produced 2,575 barrels of light crude oil. During the 24-hour period ended 8:00 a.m., October 14, 2001 the well produced 1,057 barrels of oil (951 barrels net). The well is tied into Lexxor's operated Redvers oil battery (90% working interest).
Douglas O. McNichol, President of Lexxor stated: "This is the most significant well drilled by Lexxor to date. We are very pleased with our drilling success and we intend to drill six additional horizontal wells in our southeast Saskatchewan core area during the next nine months".
Based on existing production, our previously announced acquisition of producing properties at Ingoldsby Saskatchewan, the addition of this new horizontal well at Redvers and other initiatives, Lexxor has achieved its December 31, 2001 target rate of 2,300 Boe/d. These developments continue to support Lexxor's goal of achieving 3,000 Boe/d of production on or before July 1, 2002.