Rider Resources Cruises to Drilling Success at Wapiti in Canada
To date in the fourth quarter, Rider Resources has drilled 5 gross (5 net) wells all of which have been successful. The drilling was comprised of a Rock Creek gas well in the Pembina area, two successful multi-zone natural gas wells in the Wapiti area, a successful Gething and Dunvegan well at Waskahigan and a Charlie Lake, Bluesky success at Bilbo.
Three of these wells have been tested and should add approximately 1,000 boe of production by the end of January 2008. The other two wells are being completed and tested with very encouraging preliminary results.
The Wapiti area was purchased in May, 2007, at that time the area was producing 2,800 boe per day. Current production from this area is now 3,500 boe per day. With recent drilling success on this property, production is expected to be 4,300 boe per day by the end of January 2008.
Encouraging drilling results and continued exploration in Wapiti, has provided Rider with another solid core area in addition to Ferrier, Sunchild and Pembina with which our team will continue to develop.
Current production is approximately 12,000 boe per day with the previously mentioned 1,000 boe per day coming on in early 2008. Fourth quarter production should average about 11,700 boe per day compared to 11,422 boe per day in the third quarter of 2007 and 8,613 boe per day in the fourth quarter of 2006.
During the first quarter of 2008, the Company expects to spend approximately $25 million to drill 13.5 net wells. Activity will be focused on drilling follow up locations to the recent successful wells in Bilbo, Waskahigan and Wapiti. The Company currently has over 50 drilling locations identified in these areas.