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49 North Resources Inc. Announces the Completion of 3 New Viking Wells at Kindersley, Updates Red Pheasant and Riverside Plays
TSX Venture Exchange Symbol FNR SASKATOON, Oct. 17, 2012 /CNW/ - 49 North Resources...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange Symbol FNR\n\n\nSASKATOON, Oct. 17, 2012 /CNW/ - 49 North Resources Inc. (\"49 North\" or\n the \"Company\") (TSXV: FNR) provides an update on the Viking, Red\n Pheasant and Riverside properties owned through Allstar Energy Limited\n (\"Allstar\"), a private subsidiary company of which 49 North owns 100%\n of the issued and outstanding shares.\n\n\nKindersley Viking:\n\n\nThe Company has successfully completed a 3 well (net 1) horizontal\n drilling program on its Viking property at Kindersley, Saskatchewan.\n Two of the wells are now flow lined and tied into the 100% owned\n battery.  These 2 wells have been on production approximately eight\n weeks and are in line with typical Viking expectations.  A step out\n well was drilled on a section that had no previous drill holes.  This\n well has not yet been tied in and is currently free flowing to a tank. \n Initial production data on this well has exceeded management's\n expectations for the section. The wells were drilled into the Viking\n formation using the same monobore technology that has been deployed on\n all of the previous 17 horizontals (net 14.7) Allstar has drilled at\n Kindersley.\n\n\nRed Pheasant:\n\n\nThe Company has successfully drilled two vertical wells to test seismic\n data acquired earlier in the year (see press release dated March 2,\n 2012). Results from this program are still being reviewed, with\n anticipation of the review being complete by the end of October.\n\n\nRiverside:\n\n\nWith respect to the 3D seismic program announced September 25, 2012,\n field acquisition of the seismic data has been completed and the final\n interpreted results are expected by the end of October.  The Company\n currently plans to initiate a new drill program on the Riverside lands\n based on the interpreted seismic.  In addition to the recently shot\n seismic program, Allstar has acquired an additional 2.6 sq km of 3D\n seismic that surrounds one of the recompleted wells.  Management has\n identified up to 5 development well locations from this data and\n expects to begin drilling in Q4 of this year.\n\n\nProduction:\n\n\nAllstar's current field-estimated total gross production is\n approximately 550 boepd gross (net approximately 400 boepd), weighted\n 70% oil 30% gas.\n\n\n49 North is a Saskatchewan focus...