CCRL EASTM 8-24-11-28
PRODUCTION - NFW (C)
Well ID: 00/08-24-011-28W4/0
Fluid: CRUDE OIL
Licensee: CANADIAN COASTAL RESOURCES LTD.
License Date: 29-Sep-2010
Projected Depth: 3,173.0 m
Field: EASTMONT
Terminating Zone: WABAMUN GRP
Lane Energy Poland and Schlumberger have announced an update on the first exploration shale gas well evaluating the shales in the Baltic Basin of northern Poland. In addition, drilling on a second well in the area is at an advanced stage.
Lebien LE1 is the first of two-wells that Lane is drilling in the onshore Baltic Basin region. Drilling on the second well, Legowo LE1 began on August 27, 2010 and operations are proceeding on schedule...
Borrningen genomfördes på flanken av en stor struktur och har visat sig innehålla en oljekolumn på 17 meter av utmärkt sandstensreservoar från juraåldern. En omfattande insamling av borrkärnor och loggar har genomförts. Produktionstester har bekräftat en utmärkt reservoarkaraktäristik vid borrningen som flödat till begränsade produktionsnivåer om cirka 5 000 fat olja per dag (bopd) av god kvalitet.
Fyndigheten Avaldsnes uppskattas innehålla utvinningsbara resurser om 100 - 400 miljoner fat oljeekvivalenter (MMboe) i PL501. Ytterligare utvärderingsborrningar krävs för att till fullo avgränsa strukturen och den preliminära planen är att genomföra ytterligare borrningar under 2011.
Pleito Creek CMD
Production of the H-2 well at the Pleito Creek Field in Kern County, California continues to increase and is now at a rate of 160 barrels of oil per day ("bopd"). The current rate of 160 bopd is 20 bopd above the initial production rate and is 107 bopd above the natural decline rate that would have been expected without response from the CMD process. Production from the H-3 well is increasing, and higher carbon dioxide concentrations indicate the initial stages of response from the H-1 and H-4 wells.
Wyoming Update
NiMin has drilled five new wells at the Ferguson Ranch Field in Wyoming since July. The State #12, #13, #14, #15 and #16 wells are at various stages of completion. The delay in completions is due to the limited availability of fracture stimulation equipment in the area. The wells are being drilled at or below estimated cost, and electric log results are consistent with the Company's expectations. In addition, NiMin has commenced a polymer treatment program at the Willow Draw Field. The first well treated, the #30-2, has seen oil production increase from 20 bopd to 96 bopd and water production decrease from 6,500 barrels per day to 1,176 barrels per day. NiMin's technical staff has identified four additional wells for polymer treatment at Willow Draw and is evaluating additional wells at the Company's three other Wyoming fields.
"New Core Area:
The Company has entered into a farm-in agreement in the Swan Hills area of Alberta which complements its existing land position in Swan Hills. Under the terms of this agreement, Midway must drill one well prior to year-end to earn 100 percent in four sections of Beaverhill Lake rights, subject to a 10 percent gross overriding royalty, and has the option to drill a second well in 2011 to earn an additional 2.5 sections of land under the same terms. Midway believes that the lands it has targeted under the farm-in agreement are prospective for the emerging Beaverhill Lake carbonate light oil play. Midway is currently in the process of licensing its first horizontal well and will now have access to 9.5 net sections of Beaverhill Lake rights in Swan Hills on 100 percent Company owned and farm-in lands. All of the rights currently held by Midway are on Crown lands and are eligible for the 5 percent initial Crown Royalty."
September 20, 2010 CALGARY, ALBERTA. Crescent Point Energy Corp. (“Crescent Point” or the “Company”)
(TSX: CPG) is pleased to announce that it has acquired more than one million net acres of exploratory land in
southern Alberta that the Company believes is prospective for multi-zone light oil opportunities, including the
unconventional Bakken and Three Forks zones. The land was acquired through Crown land sales, freehold
leasing programs and the acquisition of a private company (the “Private Co. Acquisition”). In addition, Crescent
Point has acquired more than 100 net sections of undeveloped land in Saskatchewan, including 60 net sections in
the Company’s core Viewfield Bakken and Lower Shaunavon resource plays through Crown land sales in the last
several months. Crescent Point has already licensed and drilled wells on the Saskatchewan land and expects to
book reserves on this land at year-end 2010.
The assets acquired in the Private Co. Acquisition include approximately 900 boe/d of low-decline conventional
production, 3.6 million boe of proved plus probable reserves and more than 995,000 net acres of exploratory land
in Alberta. Crescent Point considers the Alberta land to be prospective for multi-zone light oil reserves, including
the unconventional Bakken and Three Forks zones.
“We believe there is significant untapped unconventional light oil resource potential in southern Alberta,” said Scott
Saxberg, President and CEO of Crescent Point. “These acquisitions provide us with a large, low-cost exposure to
this resource potential and a great opportunity to lever off the competitive and technical advantage we have
gained through horizontal drilling and multi-stage fracture stimulation in the Viewfield Bakken and Lower
Shaunavon resource plays in Saskatchewan.”
The Company has drilled and is currently completing its first horizontal exploration well into the play and expects to
drill more than 19 net development and exploration wells on the land by the end of 2011.
The upside potential of the producing conventional assets acquired in the Private Co. Acquisition decreases the
overall land costs and risks associated with pursuing the unconventional light oil exploration play in southern
Alberta.
“After adjusting for the value of the producing conventional assets and their potential upside, we acquired the land
from the Private Co. Acquisition at a very low cost relative to recent land sale activity in the area,” said Saxberg.
Components of natural gas that are liquid at surface in field facilities or in gas-processing plants. Natural gas liquids can be classified according to their vapor pressures as low (condensate), intermediate (natural gasoline) and high (liquefied petroleum gas) vapor pressure.
Natural gas liquids include propane, butane, pentane, hexane and heptane, but not methane and ethane, since these hydrocarbons need refrigeration to be liquefied. The term is commonly abbreviated as NGL.
ATWOOD OCEANICS, INC., a Houston-based International Drilling Contractor (NYSE: ATW), announced today that the ATWOOD EAGLE (operated by our wholly-owned subsidiary Atwood Australian Waters Drilling Pty Ltd) has been awarded a six-month contract extension by Chevron Australia Pty Ltd pursuant to the existing contract. With this option exercised, the rig's current contract commitment will be extended until six months beyond the delivery of the ATWOOD OSPREY to Chevron Australia, which is anticipated to occur during the first quarter of calendar year 2011. The new dayrate for the ATWOOD EAGLE will be approximately $390,000 (subject to change due to currency exchange provisions in the contract).
Maersk Drilling has today signed a contract with the African Petroleum Corporation for a 2 well programme in the Gulf of Guinea for the ultra deepwater development semi-submersible, MÆRSK DELIVERER. The programme will commence in the second quarter of 2011 in direct continuation of another assignment in West Africa. The two wells are expected to have a combined duration of around 100 days.
Angle is the first company to successfully drill horizontal oil wells in the Viking formation at Harmattan. Our Company drilled the initial two wells on this play in the second quarter, testing different geographic areas of the land base. The test results (released June 14, 2010) are as follows:
-The initial well (100% working interest) flowed 220 bbls/d of light crude and 1.0 mmcf/d of liquids-rich gas after a nine-day test. The well was placed on production early in the third quarter and is currently flowing at 220 bbls/d light oil and 0.8 mmcf/d natural gas.
-The second test well (100% working interest) flowed at stable rates of 370 bbls/d light crude oil and 0.7 mmcf/d liquids-rich gas after a seven-day test. This well is in the process of being tied in and will be placed on production in the third quarter.
Angle's goal for Harmattan is to have four or five producing Viking oil wells by year-end, proving diverse areas of the prospect base and yielding production information to allow recovery factor forecasts. Currently, our Company holds approximately 85 undeveloped sections at 97% working interest prospective for the Viking formation. Of this position, we estimate 64 sections are oil prone with the remainder prospective for liquids-rich gas.
Kaybob Devonian Duvernay
Celtic, as operator, has drilled and completed its first exploration horizontal well at Kaybob South targeting the Devonian Duvernay shale formation. The Company pooled eight sections of 100% interest lands with two other industry partners, ultimately taking a one third interest in 27 gross sections.
The well, which is located at 00/15-33-060-20W5, was drilled and cased over 42 days at a cost of $4.0 million. The horizontal lateral was 1,787 metres, which was 500 metres longer than originally planned, allowing the addition of two frac stages making the total planned frac stages to 13 and leaving a 175 metre interval, which could be fractured by perforating.
During the completion of the well, six stages were fractured over a time interval of 10 days. Each stage was fractured with approximately 100 tonnes of sand and 1,500 cubic metres of slick water. While attempting to fracture the seventh stage, it is believed that a rupture in the casing occurred at the heal portion of the horizontal leg preventing the fracture of the remaining stages. It was decided to flow test the well with the six stimulated stages while determining the feasibility of fracturing the remaining stages. Tubing and recorders were run and the well has flowed on test starting September 11th. Prior to the flow test, the well flowed on clean-up for a total of 140 hours.
After three days on test, the well is currently producing natural gas at a rate of 2.1 MMCF per day and 56° API condensate. The gas is liquids rich and is expected to yield total liquids of approximately 75 barrels per MMCF of raw gas including free condensate.
After completing the flow test, the well will be shut-in, allowing for build-up. Bottom hole pressure is expected to be approximately 50 MPa. Although the completion operations were suspended part way through the process, it is estimated that the well could have been completed with a 13-stage multi frac for approximately $3.0 million, without any operational difficulties. As a result, total drilling and completion costs would be approximately $7.0 million.
The Company is encouraged with the results from the first horizontal well and anticipates good economics with expected gas rates from a horizontal well with a complete 13-stage fracture. The high liquids content provides enhanced economics in the current environment where oil fetches premium pricing over natural gas...
13 September 2010 - BW Offshore and Prosafe Production intend to combine the two
companies, creating an FPSO industry leader with a strong platform for future
growth.
Following negotiations during the weekend, BW Offshore and Prosafe Production
seek to combine the two companies. The Board of Prosafe Production intends to
enter into a transaction agreement and recommend its shareholders to accept the
Offer, following a Board meeting in Cyprus on 15 September 2010. BW Offshore is
therefore extending the current Offer Period until 15 September 2010 at 17.30
CET. Subject to the Board of Prosafe Production resolving to approve the
transaction agreement and to recommend the Offer, and the Board of Prosafe SE
giving their pre acceptance to the Offer, BW Offshore will adjust the Offer by
increasing the cash consideration to NOK 3.00. The Offer will then be a total
consideration of 1.2 BWO shares and NOK 3.00 in cash per Prosafe Production
share. Subject to such adjustment of the Offer, the Offer Period will be
extended until 30 September 2010.
A combined company will become the second largest FPSO lease operator in the
world with a diversified portfolio of 15 FPSOs with solid contract coverage and
four major FPSO projects currently being executed. The joint resources in
engineering, operations, business development and client relationships are
expected to create a highly effective combination in a growing market.
As is further detailed in a separate announcement made by BW Offshore today, BW
Offshore has also entered into an agreement to sell all of its shares in its
subsidiary APL (Advanced Production & Loading) Plc ("APL") to National Oilwell
Varco. The total consideration for the sale of USD 500 million will
significantly strengthen the combined entity's balance sheet and improve
strategic flexibility going forward, which will enable even further profitable
growth in the present market.
Fifty million dollars will flow into the Blood Reserve coffers with Canada’s largest First Nation’s oil and gas lease agreement concluded Tuesday in Calgary with Murphy Oil and Bowood Energy Ltd.
Chief Charles Weasel Head said the revenues from the agreements could help the tribe economically and create more opportunities for the members to work in the petroleum industry.
“This deal was too good to let it pass by,” he said in a release Tuesday. “It’s a one-time opportunity and it will give the Blood Tribe members some long-term benefits.”
Once the documents are completed and signed by chief and council, Indian Oil and Gas Canada, Murphy and Bowood, the bonus dollars will be released into the tribe’s capital account with the federal government...
September 9, 2010
EL DORADO, Arkansas, September 9, 2010– Murphy Oil Corporation (NYSE:MUR) announced today that its wholly owned subsidiary, Murphy Oil Company Ltd., has entered into an agreement with Kainaiwa Resources Inc., a corporation wholly-owned by the Blood Tribe First Nation to acquire 202 sections (129,280 acres) of prospective oil and gas properties located within the Blood Tribe Reserve in southern Alberta. The lease agreement will give Murphy drilling rights on the property for 5 years with a minimum of 16 wells to be drilled during this time.
David Wood, Murphy Oil Corporation President and Chief Executive Officer, commented, “We are very pleased to add a fourth resource play in North America to complement our existing acreage in Seal Lake, Montney and Eagle Ford .” Wood added, “The Blood First Nation’s lands add further to our growing position in the Exshaw/Bakken play of Southern Alberta where we are targeting its oil potential.”
CALGARY, ALBERTA, Sep 09, 2010 (MARKETWIRE via COMTEX) -- Strategic Oil & Gas Ltd. /quotes/comstock/11v!e:sog (CA:SOG 0.85, 0.00, 0.00%) ("Strategic" or the "Corporation") announces it has entered into a purchase and sale agreement (the "Agreement") with its partner to acquire a major Canadian independent energy corporation's (the "Farmor") remaining 35% working interest in the Maxhamish, northeast British Columbia oil resource play (the "Property"), for a total purchase price of $13.0 million ($5.0 million net to Strategic). Upon closing, the current farmout agreement with respect to the Property (the "Farmout Agreement") will be eliminated providing Strategic with an undivided 38.5% working interest in all the lands in the Maxhamish area...
CALGARY, Sept. 7 /CNW/ - Bronco Energy Ltd. ("Bronco") (TSX: BCF) today announces that it has entered into an arrangement agreement ("Arrangement") with Legacy Oil + Gas Inc. ("Legacy") (TSX:LEG). Pursuant to the Arrangement, Legacy will acquire all of the issued and outstanding common shares of Bronco and the Bronco shareholders will receive 0.0182 of a Legacy common share for each Bronco common share held.
Also pursuant to the Arrangement, Legacy will acquire all of the 6.0% Convertible Secured Subordinated Debentures of Bronco ("Debentures"). The holders of the Debentures will receive a cash payment of $1,100.00 per $1,000.00 principal amount of Debentures, which represents a 1% premium to face value plus interest that would have been payable to maturity. As closing of the Arrangement is expected to occur subsequent to the next scheduled interest payment on October 31, 2010, Bronco intends to exercise its option to make such payment in common shares, which will be eligible for exchange into Legacy shares in the same manner as currently outstanding Bronco common shares. Bronco's outstanding share purchase warrants will be cancelled for no consideration pursuant to the Arrangement.
Bronco's assets include:
<<
- approximately 67,000 (61,763 net) acres of land in the Athabasca Oil
Sands region;
- approximately 700 boed of production from the Wabaskaw development
and a facility currently capable of processing 3,000 Bbl/d of oil;
which is scalable to 10,000 Bbl/d with minor modifications
- a potential SAGD thermal project in the Grand Rapids formation; and
- in excess of $190 million in tax pools, including approximately $122
million in non-capital losses...
