TriOil Posts Production Results for Tableland Formation
TriOil announced production results from its first horizontal well (0.3 net) drilled into the Three Forks Sanish formation at Tableland, south east Saskatchewan.
The well achieved an average production rate of 186 barrels per day (56 bbls/d net) of light, sweet crude oil over the first 30 producing days with a 65% water cut at the end of the period. The 1,500 meter horizontal leg was fracture stimulated in 27 stages using 10 tonnes of ceramic proppant in each stage.
In addition, TriOil has 30% working interest in 3 other horizontal Three Forks Sanish wells currently at completion or early production phases. Each of these wells has been fracture stimulated with 10 tonnes of ceramic proppant in each of the 22 to 26 stages. A fifth well (0.3 net) is currently being drilled, and 2 additional wells (0.6 net) are licensed and planned for the second quarter. Plans are underway for up to an additional 10 horizontal wells targeting the Three Forks Sanish for the second half of the year. Preliminary plans are also being drafted for an oil battery and water disposal facilities.
Further, a horizontal Middle Bakken well (0.3 net) was drilled in January 2010 and a multi-stage fracture stimulation completion is planned for later in May.
At Tableland, TriOil has working interests of 30% and 50% in 59 contiguous gross sections (23.7 net) of undeveloped land that is prospective for both the Three Forks Sanish and Middle Bakken reservoirs. Adjacent to the working interest lands, an option to farm in on an additional 18.5 contiguous gross sections of undeveloped land, paying 50% of costs with payout to earn a 30% working interest in 8 sections per well, has been secured.