Nitro Petroleum Participates in First Alberta Project
Nitro Petroleum has negotiated to participate in its first Alberta project. The first project is a 2 well program in West Central Alberta, near Edmonton.
The first well has been drilled to a depth of 1220 meters or approximately 4000 feet. This well was drilled this spring and has encountered 4 Gas zones. This well encountered two pay zones in the Belly River structure: the Viking and Banff zone. The Operator perforated the Banff zone and the well free flowed at 680,000 cubic feet with an additional 1 BBL of liquids per hour. The well was flowed for 24 hours and settled in at 400 psi. The well was shut in and it pressured to 1000 PSI in less than 1 hour.
The indications are that this should be a prolific flowing zone with excellent reserve potential given how quickly the well pressured up. The Operator has installed meters in the hole which will remain for 1 week to access more precise information on the reserve potential.
Estimated flow rates and reserve potential should be available very soon.
Larry Wise, President of Nitro stated, "This first project meets our evaluation criteria for participation: low risk, high probability producing projects that can be put on stream quickly to generate revenue."