Business
49 North Resources Inc. provides an update on Allstar Energy Limited
TSX Venture Exchange Symbol FNR SASKATOON, April 15, 2013 /CNW/ - 49 North Resource...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange Symbol FNR\n\n\nSASKATOON, April 15, 2013 /CNW/ - 49 North Resources Inc. (\"49 North\" or\n the \"Company\") (TSXV: FNR), provides an update on the Riverside\n properties owned through Allstar Energy Limited (\"Allstar\"), a 100%\n owned subsidiary of 49 North.\n\n\nRiverside\n\n\nOver the past number of months, our existing re-completed wells (16-4\n and 7-29) have presented a number of operational challenges producing\n from the lower Success formation, with heavy sediment production being\n the primary concern. Utilizing a number of different production\n techniques, many of the operational challenges have been met and the\n lower Success zone should prove to be very productive once water\n disposal and other field optimization is put in place.  With this\n better understanding of the lower Success zone the decision was then\n made to move up the wellbore and complete on the upper Success\n formation in the 16-4 well. Initial indications have shown that this\n upper zone may be a very close analogue to what other industry\n participants are producing from in the Mantario field to the north of\n Riverside. Additionally, the oil from the upper zone is of higher\n quality - 13.9 API as opposed to the 11.9 API experienced in the lower\n zone.\n\n\nThis has been a very encouraging development for the Company, as the\n production from the upper zone does not contain the gravels that are\n prevalent in the lower zone, and so far we have seen the water cut\n decrease dramatically to approximately 10%. During the 14 days prior to\n break up, the 16-4 well pumped at an optimized rate of 70 Bbls/d with a\n 5-10% water and sand cut from the upper zone.\n\n\nIn December of 2012, the Company commenced a six well drill program on\n the Riverside play with three wells in the vicinity of each of the two\n previous re-completed wells discussed above.  Completions on  2 wells\n (15-4 and 8-9) of the 6 well program commenced in January of 2013. \n While these wells were initially completed in the lower most portion of\n the Success formation, producing from this zone proved technically and\n operationally challenging for the same reasons as the re-completed\n wells.  Given the difficulties, and the information garnered from our\n re-completed wells, the Company decided to move up in the ...