Oiltec Puts New Redwater Well on Production

Oiltec Resources has placed a new horizontal well drilled at Redwater, Alberta on production early this week. Initial daily production is approximately 500 barrels of 27-degree API oil; however, several weeks of additional production history is required to establish if this initial rate is sustainable over a longer term. Including the 50% share of production from this new horizontal well, Oiltec's net production from the Redwater area now exceeds 400 b/d from five (2.45 net) producing wells.

Oiltec participated in the acquisition of new 3-D seismic data at Redwater this month, which will be processed and interpreted within several weeks. The new seismic will assist in defining the limits of the discovery pool and in targeting additional drilling locations.