Source: Woking to Go Onstream Soon

Source Petroleum, Inc. on Wednesday announced the production tie-in for its gas discovery at Woking, Alberta, is nearly complete. The company expects production to begin by mid-April.

The gas pipeline to the facility has been constructed and is currently being put through pressure and integrity testing. Upon successful completion and/or modification, the Company and its joint venture partner will begin production from its recent discovery.

Expected production from this well is estimated at an initial restricted rate of 500-1000 mcf/day with NGLs of approximately 20 bbl/mmcf due to facility capacity.

This production will ensure steady long-term cash flow for the Company moving forward.

Source Petroleum holds a 37.5% interest in the Woking discovery.

Evaluation and testing on the successfully drilled horizontal heavy oil well at Harmon Valley are currently ongoing and further information will be given as it comes due.

An Independent third-party resource report on the Harmon Valley Heavy Oil Asset has assigned NPV of $217.5 Million and Contingent Resources of 247 Million Barrels with a P10 Estimate of 323 Million Barrels.

Source has a 50% working interest on the Harmon Valley Heavy Oil asset, Peace River Arch, Alberta.