Patch Sets Spud date on Bear Canyon Oil and Gas Prospect in Alberta
Patch International reports that a drill rig has been secured and the spud date has been set for the week of Monday, July 11, 2005. Drilling of the Bear Canyon project is expected to last 7 days with initial results expected shortly thereafter. Patch is participating for a 25% working interest in the project.
This major new prospect is located in the producing region of Northeast Alberta. The total potential of the project is 12 Bcf (Billion cubic feet of gas). The project consists of one initial well, with the potential to drill multiple wells if the first well is successful. The operator has identified three primary targets. The formation of primary interest on this property is the Bluesky at a depth of approximately 1050 meters with reserve estimates of 4-6 Bcf, 2 to 4 Bcf and 1-3 Bcf respectively. An analogy pool within proximity at Balsom has been mapped that has produced 5 Bcf. Additional potential down- hole zones exist which could substantially increase reserves.
The spudding of the Bear Canyon project follows Patch's successful
drilling of the W5M Mcleod Project near the town of Edson, Alberta. There are
four zones on the W5M property which received either or both oil and gas shows
from all of the zones. The operator has been receiving very good porosity
readings, positive log results, and all indications are very promising. Log
results indicate that a commercial gas well is anticipated from the key target
zone and that a secondary oil zone may be commercially viable as well. We are
looking for this well to have a tremendous impact on Patch. Flow results will
confirm the viability. The operator has informed Patch that they will be
completing the well "as soon as possible" and they expect it to be in the
first half of July.