TSXV:GOE.H - Post by User
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pocotraderon Oct 10, 2014 6:50pm
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Goldeneye shuts in Hazel well after mechanical problems
Goldeneye shuts in Hazel well after mechanical problems bad news
2014-10-10 16:12 ET - News Release
Shares issued 24,348,299
GOE Close 2014-10-09 C$ 0.015
Mr. John Reeves reports
GOLDENEYE PROVIDES UPDATE ON THE HAZEL WELL, OKLAHOMA
Range Resources has drilled and completed the Hazel horizontal well located on Goldeneye Resources Corp.'s Cimarron county, Oklahoma, leasehold interests farmed out to Range. The well's horizontal lateral was extended one mile in length. After the toe of the wellbore was hydraulically fractured the well yielded some oil and significant flow rates of water. Subsequently the entire length of the horizontal lateral was hydraulically fractured, however mechanical problems were encountered and the well was shut in. Range Resources is now evaluating what their next course of action will be concerning the Hazel well and future drilling on the farm-in lands in the agreement.
In light of the current situation at the Hazel Well the company is evaluating its position in regards to renewing the Keys Dome leases in the surrounding area which began to expire in September 2014 and which will expire as per the lease expiration schedule provided in GOE's 51-101 report (www.sedar.com), over the next 13 months until the mid November 2015. The Company will continue to evaluate data as it becomes available, to ascertain the viability of the Hazel Well to be put into commercial production and the Company will update shareholders as this information is available.
The Viability of the Hazel well is critical to the Company in its ability to attract future JV partners at its keys Domes leases and as well in its continued efforts to raise funds for future work in the region. As such and considering the delay that may continue until such time as the future of the hazel well can be determined, the company will continue to evaluate alternative oil and gas projects and funding.
The Company will continue to update shareholders as information becomes available.
We seek Safe Harbor.