VANCOUVER, Oct. 15, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF, FRANKFURT: 2TR) is pleased to report Initial Production test results of 986 boepd from its first well, the Quintanilla OL 1H, on its NW AWP Project.
The well was connected to well test equipment for flow back operations on October 10. The well was tested for approximately 76 hours on various choke sizes with a maximum reported flow rate of 744 bopd and 1,452 mcfd (986 boepd) on a 22/64 inch choke with a flowing casing pressure of 2,700 psi. There can be no assurance the well will continue to flow at this rate in the future.
The well was drilled to a total measured depth of 13,555 feet, including a 4,286 foot lateral section into the Olmos sandstone formation and was fracture stimulated in twelve stages.
The Company, through its wholly owned subsidiary Terrace STS, LLC, holds a 33.34% working interest in the well and approximately 200 gross mineral acres that surrounds the well. The Company also has the option to extend its 33.34% working interest to adjacent mineral leases that cover approximately 3,400 additional gross mineral acres.
Dave Gibbs, the Company's President and CEO, stated "We are extremely pleased with the early results of this well, which validates our strategy to expand our area of interest in the Olmos formation across McMullen and LaSalle Counties. The results of the Quintanilla well compare very favorably with the development wells we are drilling on our STS Olmos Project approximately 20 miles southwest of this well."
Full article:
https://ca.finance.yahoo.com/news/terrace-reports-first-well-results-120000130.html
PS. Not bad at all, too bad WTI is in freefall.
Cheers,
Dave.