Business
Result Energy Inc. Announces Management Appointments and Provides First Quarter Activity Update
Result Energy Inc. Announces Management Appointments and Provides First Quarter Activity Update.
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, April 5 /CNW/ - Result Energy Inc. "Result", (TSX-'RTE')\nprovides the following corporate update:\n\n\nDuring the first quarter of 2007, Result participated in 6 gross wells\n(3.2 net), resulting in 4 gross (1.7 net) potential gas producers, and 2 gross\n(1.5 net) dry and abandoned wells. The Company also participated in the\nsetting of surface casing on 1 gross (0.25 net) impact exploratory well in a\nwinter seasonal area, and is expected to complete drilling and testing\noperations in the first quarter of 2008.\n\n\nAt Clearhills, Alberta, Result production tested three new natural gas\nwells on its Triassic exploitation project. These wells flowed at gross\ncombined rates of 2.0 MMcfd. Two of these wells are expected to come on-stream\nin early April, and should add approximately 115 boed net to the Company. The\nthird well will be tied in at a future date.\n\n\nAt Kakwa, Alberta, Result participated in a 3,300 meter 'deep basin' gas\nwell. Six prospective pay intervals have now been completed and fracture\nstimulated. Further flow testing and tie-in operations are scheduled for the\nfourth quarter of 2007. Result holds a 20% working interest in this project.\n\n\nAt Eureka, Alberta, Result and partners acquired mineral interests in an\nadditional 4 gross (3.0 net) sections of undeveloped land on the Company's\nDevonian and Triassic play fairway. Result also purchased four square miles of\n3-D trade seismic to assist in the evaluation of these lands. The Company\nexpects that these initiatives will lead to several drilling locations in the\nthird and fourth quarters of 2007.\n\n\nAt, Pembina-Modeste, Alberta, Result has entered into a 4-section farm-in\ndeal with a major Royalty Trust to continue its exploration program on the\nViking channel gas project. Two firm locations (one each on farm-in lands and\nproprietary lands) have been selected for drilling in the second quarter 2007.\nThe Company's after-earned interest in these prospects will average 50%.\n\n\nAt Mearon, Alberta, Result is participating in an impact exploratory well\nto test for Slave Point and Gilwood gas potential. The location is situated\napproximately 10 kilometers southeast of the prolific Ladyfern Slave Point\nfield. Well drilling operations commenced in the first quarter of 2007, but\ndue to winter-only access in this area,...