OTCPK:AETLF - Post by User
Post by
perdikaoilgason Mar 12, 2014 2:18pm
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Post# 22314869
Princess and Current production 4,500+ boepd
Princess and Current production 4,500+ boepd A very good report overall. Some key points from the latest report:
- Current corporate production is approximately 4,500 boe/d with additional volumes behind pipe both from Princess and Bakken.
- Princess gives strong drilling results as expected with very LOW costs.
"It is anticipated that production will increase again in the second quarter due to the strong drilling results from Princess in Q1. Through the second and third quarters, 3.1 net Bakken wells are expected to come on stream".
"At Princess Alberta, the Company drilled one successful Mannville formation oil well late in the fourth quarter and two more subsequent to quarter end. Over the last 18 months Arsenal has drilled 10 wells on its Princess Mannville project resulting in 9 oil wells and one service well. Total all in costs of the 10 well program was approximately $16 million".
"Current production from the program is 1,400 boe/d (85% oil) with additional volumes behind pipe. Production is 25 API oil with a current price of $98/bbl Cdn. Operating costs are forecast at $14.80/bbl. Arsenal has assembled 25,603 acres of undeveloped land in the Princess area and is permitting 9 additional wells for the summer".