Business
Bankers Petroleum Discovers Natural Gas in Oklahoma and Provides Update on U.S. Exploration Program
Bankers Petroleum Discovers Natural Gas in Oklahoma and Provides Update on U.S. Exploration Program.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nResults from Oklahoma Exploration Offer Potential for Development Area\n\n\nCALGARY, Jan. 10 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to provide an operational update for its United States exploration\nprogram. In addition to continuing the process of further evaluating and\ntesting its assets in Texas and New York, the Company achieved positive\nresults from its Oklahoma properties, which are believed to have the potential\nto become a commercial development area.\n\n\n\"We're pleased with the progress the U.S. team has made on all fronts,\"\nsaid Richard Wadsworth, President. \"There's been a considerable amount of\nactivity over the past six months, which has assisted in better defining the\npotential of our shale basins. I'm confident that the ongoing dedication and\nexpertise of this group is going to create positive results for the Company\nand its shareholders.\"\n\n\nArkoma and Ardmore Basins, Oklahoma\n\n\nIn Oklahoma, Bankers successfully fracture stimulated its first well, the\nNickel Hill No.1-26 (75% working interest), which was drilled to a total depth\nof 9,983 feet in December 2006. The well was fracture stimulated and has since\nbeen flowing back for approximately two-and-a-half weeks with 25% of the frac\nfluid yet to be recovered. The well had a stable rate of 470 mcf of natural\ngas per day along with six barrels per day of condensate over the past five\ndays. The Nickel Hill No.1-26 well has 330 net feet of Woodford shale and a\ncalculated original gas in place (OGIP) number of 222 BCF per section based on\nSchlumbergers' gas shale log analysis.\n\n\n\"The Woodford shale is proving itself to be a significant shale play in\nthe U.S.,\" said Wolf Regener, President, Bankers Petroleum (US) Inc. \"Our\nacreage is showing positive results from our exploration activity and we\nexpect to develop this into a production area. We are happy with the Nickel\nHill No.1-26 well's rates as a vertically drilled and completed well. There is\npotential for initial rates from horizontal wells to be significantly higher,\nbased on results reported by other operators in the Woodford shale.\"\n\n\nThe fracture stimulation in the Nickel Hill No.1-26 was monitored with a\nsurface seismic array to provide information on fracture direction and\ndimensions. The array was subsequently used to acquire a 3D...