Tango partner releases news!18:54 EST Thursday, February 09, 2006
CALGARY, Feb. 9 /CNW/ -
Ansell Prospect Area
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In December 2005, Tango completed the drilling of a new well at 12-13 in the Ansell area of Alberta. With this well, Tango extended the pool size of its earlier Viking gas discovery in 16-14 and successfully completed two additional new zones. Along with the original successful re-entry Viking gas discovery in 16-14, Tango expects to produce about 70 boepd net to Tango. Three additional locations exist on land controlled by Tango in the Ansell area.
Blackstone South Prospect Area
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Tango participated in a recompletion operation in Blackstone South at 12-25 which resulted in a two-zone exploration discovery. Five kilometers away at 09-17, Tango participated in a second well which was also drilled, cased and completed. Net production from these two wells is expected to add 50 boepd net to Tango. Plans are underway to drill a third well at 03-31 which is currently scheduled for immediately after break-up.
Blackstone North Prospect Area
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Earlier this year, Tango successfully re-entered, completed and flow tested a new gas bearing zone in a cased, abandoned wellbore at 11-13. This well is currently being tied in and is expected to add 40 boepd net to Tango. Additional recompletion operations are planned for this well where Tango has identified bypassed pay potential. Two other locations exist on these lands.
Cecilia Prospect Area
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Tango's core development project in Cecilia continues to deliver positive results. Two wells at 4-14 and 3-10 were drilled during the fourth quarter of 2005. Both wells were cased with a combined 11 separate zones of pay between them. The 4-14 well has been tied in and is currently producing 130 boepd net to Tango. The 3-10 well is currently undergoing completion operations and is expected to be on production during the second quarter. Three additional locations exist on Tango lands, at least one of which is expected to be drilled later this year.
Deanne Prospect Area
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Tango expects to spud its first well in Deanne during the second quarter of 2006. Deanne is a multi-zone, sweet gas prospect west of Rocky Mountain House, where Tango holds a 100% working interest in 6 sections of land. Tango plans to twin a well at 7-20 where it has identified a number of bypassed pay opportunities.
Hanlan Prospect Area
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Tango plans to conduct another re-entry operation on its multi-zone gas prospect in the Hanlan area. Tango has an interest in 24 sections of mineral rights on this prospect which is expected to proceed during the summer of 2006.
Karr Prospect Area
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Tango is participating in a 4,300 meter exploratory test well at 13-1, for a 30% working interest. This well was spud on January 27, 2006 and is targeting both Cretaceous and Devonian hydrocarbon potential. The Karr 13-01 well is expected to be drilled in two phases with the deep portion of the well to be completed during next winters drilling season. Tango owns significant additional interests in offsetting lands.
Corporate Update
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Tango is pleased to announce that current production levels are in excess of 300 boepd. Incremental production is expected to be realized over the next 2-3 months from wells which are currently being tied in at Ansell, Blackstone, and Cecilia which should add between 100-150 boepd during the third quarter of 2006. Additional productivity in the Hanlan and Blackstone areas has been proven and is scheduled for tie in later this year, totaling between 75-125 boepd. Tango anticipates further production additions from ongoing activities as well.