ProEx Drilling Yields 91% Success Rate
ProEx Energy reported that activity was concentrated almost entirely in the foothills areas during 2007 primarily at Sasquatch, Bernadet, Julienne, Buckinghorse/Caribou, Bubbles and Altares project properties.
The Company drilled 70 gross wells (45.5 net wells) during the year resulting in 64 gas wells (42.3 net gas wells) and 6 dry holes (3.2 net dry holes) for an overall success rate of 91 percent (93 percent net).
The Company also has an extensive seismic inventory with over 2,000 square kilometers of contiguous seismic over its foothills lands. During the first quarter of 2008 the shooting of a new 200 square kilometer program in the Caribou/Buckinghorse area will be completed which will provide drilling opportunities for 2009 and beyond.
During the first quarter of 2008 the Company expects to drill approximately 20 to 25 wells primarily at Julienne, Caribou, Sasquatch, Bubbles and Bernadet. The first quarter will see two horizontal wells drilled, the first into the Gething sandstones at Julienne and secondly at Bernadet into the Coplin dolomites. A further 2 to 3 more horizontal wells will be drilled during 2008.