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Marquee drills two wells at Michichi, plans two more
2012-01-10 08:52 ET - News Release
Mr. Richard Thompson reports
MARQUEE ENERGY LTD. PROVIDES OPERATIONAL UPDATE
Marquee Energy Ltd. is providing an update on recent drilling and production operations.
Michichi Area
The Company has drilled and completed 2 horizontal wells at Michichi in East Central Alberta. The first well was drilled targeting the Detrital sand and the objective of the second well was Banff carbonates. Both wells met or exceeded expectations and should be on production in early February 2012. In addition the Company has acquired and recompleted 3 wells for Banff oil production. All 3 of these wells are expected to be on production in early February 2012. Marquee plans to spud 2 more horizontal wells at Michichi in the next month. Marquee has a 100% working interest in all of the above operations.
Willesden Green Area
Three new horizontal wells have been drilled targeting the Cardium Sand in the Willesden Green area. The first 2 wells at 16-27 & 16-22 have been completed and tied in. Both wells compare favorably to the first 2 wells drilled by the Company at 1-2 & 16-34 and are awaiting production optimization. The third well at 16-15 exceeds our expectations for the area and is expected to be on production by mid-January, 2012. The Company plans to spud a follow-up Cardium horizontal well in the area in mid-February.
Provost Area
At Provost in East Central Alberta the Company has drilled 2 vertical test wells targeting oil in the Viking interval. Completion operations on both wells should be finished by early February and could provide a catalyst for future horizontal wells.
The Company expects to announce its 2012 budget and guidance in the near future.