% | $
Quotes you view appear here for quick access.

American Eagle Energy Anonim Ortaklik Message Board

  • chiefreservoirengineer chiefreservoirengineer Jan 17, 2013 8:32 PM Flag

    Update on AMGZ's Saskatchewan wells from partner Passport Energy

    Passport Energy Ltd. Announces Hardy SE Saskatchewan Well Results, Increased Reserves, and Operations Update
    Calgary, Alberta, January 16, 2013 - Passport Energy Ltd. [PPO: TSX.V] (“Passport” or the “Company”) is pleased to provide an operations update on its drilling, completion and production results in the Hardy area of SE Saskatchewan.
    Hardy North Area (SE Saskatchewan)
    The Company’s first development well in the Hardy Bakken pool, HARDY S HZ 1A4-16-4B4-09- 004-21W2 (“4-16”) has produced over 33,000 gross barrels of oil (bbls) from September 2011 to the end of December, 2012. The well continues to produce above Company expectations, averaging approximately 50 bopd gross and 12.5 bopd net (38.5 degree API oil) with an average oil cut of approximately 28% for the month December, 2012.
    GLJ Petroleum Consultants (“GLJ”) has updated the Company’s reserves assessment and evaluation report (effective September 30, 2012) and has assigned initial recoverable reserves (Total Proved plus Probable Producing category) of 119,000 gross bbls (29,750 net bbls) to the 4-16 well.
    The GLJ assigned number of 119,000 barrels represents a 33% increase from GLJ’s original reserve report (effective September 30, 2011) for the well.
    Hardy South Area (SE Saskatchewan)
    The Company completed and placed on production its first operated horizontal Bakken Oil well, PASSPORT MINTON HZ 1C11-32-3A-16-33-3-21W2M (“11-32”) in August 2012. The Company has a 50% working interest in the well.
    The rock quality of the Middle Bakken sandstone found in the 1,874m lateral of the horizontal 11-32 well was consistent with what was observed at the 4-16 well in Hardy North. Comprised of a porous (10-12%) and relatively high permeability sand with oil staining on samples and good gas response on the gas detector, the Middle Bakken in the 11-32 well continues to prove up the geological model for the area.
    The well was completed utilizing a 32 stage multi fracture stimulation program which requires the use of specific downhole tools to perform fracing operations. During completion operations, one of these tools became lodged in the lateral section and the Company was unable to retrieve the tool. Conventional fishing operation methods were unsuccessful in retrieving the tool and the Company was forced to mill the tool which added considerable cost and delayed the planned start-up of the well. The tool was eventually milled and the lateral section cleaned out allowing completion operations to resume.
    The well was placed on production in mid-August, 2012. After an initial clean up and optimization period, the 11-32 well produced an average gross daily rate of approximately 97 bbls/d (48.5 bbls/d net), of 38 degree API oil over an eight day period with a peak rate of 130 gross bbls/d (65 bbls/d net) of oil and an average oil cut of approximately 20%.
    GLJ has assigned initial recoverable reserves (Total Proved plus Probable Producing category) of 70,000 gross bbls (35,000 net bbls) to the 11-32 well.
    Well performance indicated that a potential clean out of the lateral section may be required to recover what was thought to be fragments and solids left over from the milling operation. The well was shut- in mid-September to facilitate the work over. During operations, the clean out of the lateral section recovered over 15 tonnes of frac sand along with fragments from the previous milling operation. The well was placed back on production in October, but again showed signs that another potential clean out of the horizontal section may be required.
    The well remains on production and continues to produce at a stabilized rate, averaging over 36 gross bbls/d (18.0 bbls/d net) of oil with an average oil cut of approximately 20% for the month of December 2012. The Company anticipates that if a second clean out is successful in recovering additional frac sand there is the potential for an increase in production.
    2013 Hardy South Forecasted Operations
    The Company plans to drill up to 3 additional horizontal Bakken wells in the Hardy South area in 2013, one of which has already been licensed and approved by the SEM (Saskatchewan Energy and Mines). Operations are expected to begin in the 2nd quarter, with all three wells planned to be on production before the end of the year.

    SortNewest  |  Oldest  |  Most Replied Expand all replies