Alston's second Alexander well produces 132 bbl/dAlston's second Alexander well produces 132 bbl/d
2011-01-11 06:35 PT - News Release
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ALO Close 2011-01-07 C$ 0.19
Mr. Don Umbach reports
ALSTON VENTURES INC. ANNOUNCES PRODUCTION UPDATE
Alston Ventures Inc. has released initial production information from the company's first drilling operation at Alexander, Alta.
The new oil well (the second well in the pool) was placed on stream Dec. 23, 2010, and is performing as expected. After nine days of production, the new well was producing 132 barrels per day of oil and 63,000 cubic feet per day of gas with an 8.6-per-cent calculated pressure drawdown at the sand face. The well is producing at or near its maximum pumps efficiency and the low-pressure drawdown calculation is an indication that the well should stabilize at this rate. Alston owns a 15-per-cent working interest in the well.
The first well in the pool (announced Dec. 1, 2010, in Stockwatch) went on stream Oct. 4, 2010, and is currently producing at a rate of 207 barrels of oil equivalent per day including 107 barrels per day of oil and 100 barrels of oil equivalent of gas. Alston owns a 15-per-cent after-payout interest in the first well.
The operator has secured a drilling rig for the third well in the pool and subject to weather conditions, the well is scheduled to spud later today. Alston owns a 15-per-cent working interest in the proposed third well and has identified four to five follow-up locations on its land targeting this same high-quality development oil pool. Alston's participating interest is 15 per cent in the offset locations.