Spartan Exploration Ltd. Enjoys 100% Cardium Drilling Success, Provides Operational and Production Update
Spartan Exploration Ltd. ("Spartan" or the "Company") (TSX:SPE), is pleased to provide an operational update on its Pembina Cardium drilling activities. To date, during 2010 Spartan has drilled or participated in the drilling of 14 (9.82 net) horizontal Cardium oil wells, with a drilling success rate of 100%. This represents approximately 71% of Spartan's 2010 Cardium oil drilling program.
Spartan currently has a total of 8 (6.13 net) Cardium horizontal oil wells producing in Pembina. The Company is currently producing in excess of 1,400 boe/d (80% oil and liquids) based on field estimates. In addition, the Company has another 6 (3.69 net) Cardium horizontal wells that have been drilled. Four (3.24 net) of these wells have been completed and are awaiting tie-in and the remaining 2 (0.55 net) are expected to be completed in the coming weeks. All of these wells are expected to be on production by mid December.
- Published: 25 October 2010
- Written by Editor