Re. DiversifyGreat news out today on SKW!
Maybe not a bad position now having a healthy split between these two companies with great potential.
(IAE/SKW)
Good luck to all..
SkyWest Provides Willesden Green Cardium Horizontal Well Update
Tue Oct 12, 4:00 PM
CALGARY, ALBERTA--(Marketwire - Oct. 12, 2010) - SkyWest Energy Corp. ("SkyWest or the "Company") (TSX VENTURE: SKW.V) is pleased to report the results of its 2nd Cardium horizontal well in the Willesden Green area, Alberta.
The well was successfully stimulated with a 13-stage frac treatment and flowed on clean-up for approximately 119 hours. Over a subsequent 48 hour production test, the well flowed at 515 barrels of oil and liquids per day and 2.6 MMcf/d of natural gas for a combined production rate of 948 BOE per day. To date approximately 70% of the load oil has been recovered. The well is expected to commence production in November, 2010. The Company has a 100.00% working interest in this well.
In addition, SkyWest is currently drilling its 3rd Cardium horizontal (100%) well in the Willesden Green area which is expected to be completed in the first part of November, 2010.Drilling operations are also underway on our 4th Cardium horizontal location in south Pembina. SkyWest has 2 drilling rigs contracted until the end of the year to accelerate its drilling program.
SkyWest Energy Corp. is a Cardium focused exploration and production Company based in Calgary, Alberta, Canada.
Statements herein that are not historical facts may be considered forward looking statements including management's assessment of future plans and operations, growth expectations within the Corporation, expected initial production rates from certain new wells, timing of completion of wells and of production additions, expected size of various plays, construction or expansion of facilities and the timing thereof and expected costs and the effects thereof, drilling plans and the effects thereof.
Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and SkyWest does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
BOEs
Disclosure provided herein in respect of barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead
Contacts
Lawrence D. Urichuk
SkyWest Energy Corp.
President & CEO
403-265-0071 ext.201
Joel MacLeod
SkyWest Energy Corp.
Vice President, Finance & CFO
403-265-0071 ext.203