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Market: TSX Venture
Sector: Oil & Gas Exploration & Production
Epic: TSX-V:PER
News: Latest news
Web Site: Petro-Reef Resources
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Petro-Reef Resources

Petro-Reef Resources

Petro-Reef Resources Ltd. is a Calgary- based crude oil and natural gas exploration and production company with producing properties in Alberta, Canada

Monday, October 26, 2009

Petro-Reef Resources reports successful new gas well at Alexander/Qui Barre in Alberta

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Petro-Reef Resources Ltd (TSX-V: PER) announced the successful drilling of an exploration well at its Alexander/Qui Barre property near Edmonton in Alberta, which, during a two-day test, produced at a stabilized rate of approximately 1.5 million cubic feet per day (250 barrels of oil equivalent) of sweet natural gas with no water. 

Petro-Reef has commenced with pipeline and facility work and anticipates bringing this well on stream early next year at approximately 1.2 mmcf/d (200 boe/d). The company has identified several follow-up locations targeting the same natural gas formation which it intends to pursue in the coming months.

With falling capital costs and a new drilling technique, Petro-Reef drilled this latest well for approximately C$350,000, 50 percent of the cost one year ago when a similar well cost the Corporation approximately C$700,000.

As this latest well was drilled on Crown land, Petro-Reef is entitled to a Crown royalty credit of approximately C$250,000 which will be used to offset future Crown royalty payments from this well and all wells currently paying Crown royalties in Alberta. In addition to the royalty credit, the well will be entitled to a maximum 5 percent royalty for the first 12 months of production.

Petro-Reef will test another recently drilled exploration well later this month and intends to commence with drilling a third exploration well shortly.

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