TriOil Resources Ltd TRIAF

Good update after the bell

[thedave2006]

TriOil Provides Operational Update

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CALGARY, March 20, 2012 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company") (TSX:TOL.V - News) provides an update on its light oil operations at Kaybob and Lochend.

Kaybob Dunvegan Operations

• From a standing start in this new Dunvegan light oil play in October, 2011, TriOil has now drilled 5 (2.2 net) horizontal wells and has commenced drilling operations on 2 (1.25 net) additional wells at Kaybob. TriOil is the operator on 6 (3.15 net) of its initial 7 wells on the play and has recently licensed 5 (2.38 net) horizontal wells that we expect to drill as soon as access will allow. In addition, the Company will be participating in 2 (0.66 net) non-operated wells at Kaybob that should be drilled prior to or immediately after breakup.
• TriOil previously announced early production results of its first well at Kaybob (drilled and completed in 2011) and we are pleased to update its performance. The well achieved an IP90 rate of 480 boe/d (87% oil) and has produced over 37,000 barrels of oil to date.
• The first well in our 2012 drill program (test rate of 668 boe/d, 95% oil) recorded an IP30 rate of 351 boe/d (88% oil) and has produced over 10,000 barrels of oil to date.
• TriOil is very pleased to announce that our second well in our 2012 program at Kaybob (TOL 25%) production tested over a 3 day period at an average rate of 1,178 boe/d (73% oil). The well has averaged 494 boe/d (78% oil) to date in its first two weeks of production.
• The Company is also very pleased to report that the third well in our 2012 program at Kaybob (TOL 60%) production tested over a 3 day period at an average rate of 725 boe/d (91% oil). The well is expected to be on production in early April.
• No formation water has been produced from any of the wells.
• The fourth well in our 2012 program at Kaybob (TOL 50%) has been drilled and is expected to be completed next week, and drilling operations are underway on 2 (1.25 net) additional operated wells. Completion operations on both of these wells will be dependent on breakup timing.
• TriOil has a strong land position on this rapidly developing light oil play. The Company owns, or has the right to earn, interests ranging from 20 to 100 percent in approximately 50 gross (31 net) sections of Dunvegan rights in the greater Kaybob area with a drilling inventory of approximately 55 net locations.
• The Company currently has one rig contracted for its Kaybob horizontal drilling program but expects to have 2 operated rigs drilling at Kaybob at various times during the year.

Full article:

https://ca.finance.yahoo.com/news/trioil-provides-operational-230200782.html

PS. Looking like a great future ahead for this energy firm.

Cheers,

Dave.