Fairchild Completes First Three Kerrobert Wells
Fairchild International reports that the first three wells of its ten test oil well program on the Kerrobert properties have been completed. The combined flow rates from the first three wells is currently at 110 barrels of oil per day (bopd).
The initial flow rates have been sustained for a number of days now and the company is encouraged about the potential for the next seven wells. The operator now expects that all ten wells will be completed and producing by early January. Fairchild is pleased that the entire drill program is under budget and to date, above original expectations. Given the better than expected success from the first three wells, Fairchild is optimistic that it may begin drilling the next phase of oil wells sooner so as to take advantage of current oil prices.
Previous drilling in the area, referred to geologically as the Viking Formation, has resulted in some 500 discoveries. The formation is located on the Saskatchewan-Alberta border and is considered to be a highly productive, low-risk, high-reward area. The oil is comparable to West Texas No 1. The experience by other oil companies in the area suggests an approximate fifteen-year life for the shallow oil wells with minimal operating and drilling costs.
Fairchild International Corporation management says its participation in the oil production from the Kerrobert properties in Saskatchewan, Canada combined with the gas production from the four gas wells at East Corning in Tehama County, California, which is now 4 MMCFPD (million cubic feet per day), helps lay the foundation for the company to continue to build a producing energy enterprise and increase shareholder value.