CALGARY, ALBERTA--(Marketwire -05/29/12)- Primary Petroleum Corporation (PIE.V)(PETEF.PK) ("Primary" or the "Company") is pleased to provide the following technical update on its Pondera-Teton Prospect located in the Southern Alberta Basin Bakken Fairway in NW Montana.
-- Primary has completed five 3D seismic programs covering approx. 95 sq. miles and one additional 37 sq. mile program is currently being
Initial six vertical stratigraphic wells:
-- All six wells were drilled vertically into the upper Duperow formation,
ranging in depth between 4500-6500 ft. All wells were cored across
various sections of the "Bakken System" (lower Lodgepole, Bakken, Three
Forks and Big Valley/Upper Potlatch). -- Oil and gas shows were identified on logs in multiple reservoir
zones in all wells. -- Free oil was observed in one or more of the cores.
-- Standard log suites were acquired in all wells and advanced log suites
were acquired in five of the wells.
-- Two wells were cased, perforated and swab tested in the Bakken System
and/or secondary zones, with fluid samples currently being analyzed.
-- Routine core analysis has been completed on four of the six wells to-
date. Porosity up to 10.4% and non-fractured permeability up to 0.3mD
(millidarcy) have been reported.
-- Geochemical analyses have been completed on select samples with
additional analysis in progress. Sample analyses indicate a thermally
mature Bakken System source rock in the oil window, with some zones
where TOC (total organic content) reaches up to 17%.
-- Special core analysis for the horizontal drilling program has been
completed on select samples, with additional analysis in progress.
Three supplemental vertical wells:
-- All wells drilled into the upper Duperow formation, with one well cored
across the Nisku formation.
-- One well was cased, perforated and is currently being swab tested in the
secondary conventional reservoir zones and/or Bakken System with results
pending further review and analysis.
Primary has requested and has been granted by its JV Partner continued Operatorship for the balance of the drilling and completion operations in the Phase I program.
-- Primary has commenced the horizontal drilling program and is
anticipating at this time to drill three or four horizontal wells, each
targeting a specific reservoir zone by the end of September 2012. The
Company is also anticipating the conclusion of completion operations by
the end of October.
-- Production testing will continue through to the end of the year,
followed by the JV Partner's Phase II election to spend a further US$41
million and earn an additional 17.5% W.I. in 2013.
About Primary Petroleum Corporation
Primary is a junior oil and gas company engaged in exploration and development activities in NW Montana and currently holds substantial land positions in both an unconventional and conventional resource oil play. The Company's mandate is to continue to acquire strategic opportunities in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to assist in the exploitation and development. To learn more about us, please visit our website at: www.primarypetroleum.com.
FORWARD-LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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