Novus - the key word "Horizontals" Novus Exceeds 2011 Exit Rate Production Target
Novus Energy Inc. reports that it significantly increased its light oil production during 2011 and has exceeded its corporate exit rate production target of 3,000 bbls of oil equivalent per day.
With an active and successful drilling program in the second half of the year, the company has been able to more than double production volumes from the second quarter of 2011.
Estimated field level production for December 2011 averaged approximately 3,150 boe per day with approximately 80 per cent of these volumes comprised of oil and liquids. This represents a 46 per cent per cent increase from third quarter 2011 production volumes of 2,159 boe per day.
Field level Viking production from the Dodsland area is estimated to be approximately 2,500 boe per day. Novus said it is pleased with the volume increases it has achieved in its Dodsland Viking light oil assets from its highly successful 2011 drilling program and believes the area will provide the company with predictable and sustainable organic growth opportunities going forward.
During 2011, the company achieved a 100 per cent success rate on its Dodsland area Viking oil drilling campaign. Novus operated the drilling of 52 wells throughout the year, all using horizontal multistage frac technology; five of these wells were drilled in the fourth quarter.