Business
49 North Resources Inc. provides a technical update and 2014/15 outlook on Allstar Energy Limited
TSX Venture Exchange Symbol FNR SASKATOON , Sept. 25, 2014 /CNW/ - 49 North Re...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\nTSX Venture Exchange Symbol FNR\n\n\n\nSASKATOON, Sept. 25, 2014 /CNW/ - 49 North Resources Inc. (\"49 North\" or the \"Company\") (TSXV: FNR) provides a technical update on the oil and gas properties of Allstar Energy Limited (\"Allstar\"), its 100% owned subsidiary, with operations in south western Saskatchewan. As well, an outlook on some of its activities for the 2014-15 period are provided, which are expected to achieve some important milestones for the Company. Field optimization and production plans include: the completion of a water disposal well at Riverside, plans for a water disposal well at Red Pheasant, a natural gas well to provide power, continued vertical well programs and the initiation of a horizontal drill program into the Success formation at Riverside.  The combined programs are designed to see economic production from up to 15 wells in the two fields with additional revenue from disposal of third party water at the Riverside disposal facility.\n\nRiverside\n\nAs discussed in previous news releases, Allstar completed a 6 well drill program in December of 2012 and January of 2013 at the Company's Riverside Project near the town of Leader in south western Saskatchewan, with all 6 wells encountering the oil bearing Success formation.  Three of these six wells were drilled in the south western portion of the land holdings.  These three wells intersected as much as 45 meters of gross pay oil bearing Success formation.  The remaining three wells were drilled in the north eastern portion of the land holdings, targeting an up dip extension of the basin, and encountered 8 - 12 meters of the oil bearing Success formation.  Once completion operations commenced it became apparent that the wells had poor casing cement over the production zone, as indicated by high water cuts experienced during production, which was not consistent with production from the same formation at the nearby existing well.\n\nWhen down-hole bond logs were completed the results showed poor and irregular cement bonding between the production casing and the formation in all six of the wells.  While the Company is confident all six wells can be productive, the resulting high water cuts experienced in completions of three of the wells warranted shut in until water disposal facilities are available on site due to ...