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Successful production test on Haldimand No. 1 discovery well - 40 barrels of oil equivalent (BOE) (1) per day of which 34 barrels is light oil
Successful production test on Haldimand No. 1 discovery well - 40 barrels of oil equivalent (BOE) (1) per day of which 34 barrels is light oil.
About this update from Cavvy Energy Ltd
MONTREAL, May 10 /CNW Telbec/ - PDetrolia (PEA : TSXV), Junex (JNX : TSXV) and Gastem (GMR : TSXV) are pleased to announce that the Haldimand No.1 well reached a stabilized production level of 34 barrels of light oil per day over the last 10 days. A total of 491 barrels of oil were produced from the well during the recent 15-day production test. The Haldimand No.1 well is located 2 Kms from the Gaspe harbour, at the tip of the Gaspe Peninsula. The test performed was a Four Point Isochronal and was carried out in order to determine the stabilized production flow rate of the well. This flow rate was reached during the last ten days of the test when the well stabilized at a daily production of 34 barrels of light oil associated with 1,100 cubic feet of natural gas per barrel of oil (6 boe). The oil is produced from a hydrocarbon-saturated zone located between 950.5 and 1,090 metres depth in Devonian sandstones. No presence of water was detected during the test which was performed using a Pump Jack. "We are extremely excited by the outstanding Haldimand No.1 well results. This test is likely the most significant event in hydrocarbon exploration in the Gaspe Peninsula's 160 year oil discovery history. What we have to do now, during the next 45 days, is to evaluate the pressure build-up of the well. The project partners are currently planning additional seismic and drilling programs" commented a spokesperson for the project partners. Junex and Petrolia each hold a 45% interest in the project and Gastem holds a 10% interest. Junex is the operator of the project. About PDetrolia Petrolia is an oil and gas exploration and development company with large property holdings in Quebec's Gaspe Peninsula. Petrolia holds direct and indirect interest in 70% of the exploration permits issued for the Gaspe Peninsula. Petrolia is the operator for exploration on its own hydrocarbon permits and wants to intensify the exploration for the next year. Petrolia is listed on the TSX Venture Exchange under the symbol PEA-TSXV. The company has working capital of $2.0 million and has 26,788,020 shares issued and outstanding. Petrolia's objective is to maintain its position as the leading oil and gas explorer in the Gaspe Peninsula. Petrolia own 8% of the shares of Gastem (GMR: TSXV). The TSX Venture Exchange has neither approved nor disapproved the information contained herein ---------------------------- 1) BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. %SEDAR: 00021341EF