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Haldimand No. 1 well produces 156 barrels of oil in preliminary 70-hour test
MONTREAL, March 29 /CNW Telbec/ - Junex (JNX : TSXV), P Detrolia (PEA : TSXV) and Gastem (GMR : TSXV) are pleased to announce that they have successfully completed preliminary zone testing on the Haldimand No. 1 well.
The best performing zone occurs between 950.5 metres and 1,090 metres in Devonian sandstones. Production testing on this hydrocarbon saturated zone over a thickness of almost 140 metres lasted 70 hours during which a total of 156 barrels of oil (47 degrees API) was produced from a 23.5 metres perforated interval. Zone porosity is estimated to be between 2% and 10% and formation pressure at 1,073 metres was measured to be 11,385 KPa.
"The results of these preliminary tests encourage us to install a pump jack in order to more fully test the zone over a prolonged period to determine the stabilized production capacity of the well. It is significant that preliminaty testing of the Haldimand No. 1 well has confirmed the presence of three reservoir zones in a relatively shallow well. Two of these reservoir zones contain salt water and one contains light oil. This is a profoundly important event in oil exploration in Quebec's Gaspe Peninsula. While previous exploration efforts have established the presence of Ordovician-age source rocks (where oil it believed to have been generated) and the existence of stratigraphic and structural traps for oil storage and preservation, this Haldimand No. 1 discovery is the first instance where such a well developed reservoir has been found and established to have commercial potential." commented a spokesperson for the project partners.
The Haldimand well was drilled to a total depth of 1,434 metres and encountered oil and natural gas throughout the entire length of the well. Four selected zones were tested. The first two were open-hole tested and diagnosed has having negative economics. The third and fourth zones were tested after cementing and perforation. The third zone, located between 1,142 and 1,174.5 metres, produced salt water. The fourth zone produced 156 barrels of oil, after having been perforated and cleaned with acid before the flow test.
Junex and Petrolia each hold a 45% interest in the project and Gastem holds a 10% interest. Junex is the operator of the project.
About Junex
Junex holds exploration rights on more than 4 million acres of land located in the Appalachian basin in the province of Quebec. Recent major discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, which is located in a favourable geological setting for oil and gas discovery. Junex's strategy is to reduce exploration risks by entering into partnerships with other exploration companies. In parallel to its exploration efforts, Junex goal is to achieve positive cash flows from its natural brine and drillings services operations. Junex also holds a 12% interest in Petrolia (PEA : TSVX) and a 8% interest in Gastem (GMR : TSXV).
About P Detrolia
Petrolia is an oil and gas exploration and development company with large property holdings in Quebec's Gaspe Peninsula. Petrolia holds direct and indirect interest in 70% of the exploration permits issued for the Gaspe Peninsula. Petrolia is the operator for exploration on its own hydrocarbon permits and intends to drill between 6 and 10 wells during the next year. Petrolia is listed on the TSX Venture Exchange under the symbol PEA-TSXV. The company has working capital of $2.0 million and has 26,788,020 shares issued and outstanding. Petrolia's objective is to maintain its position as the leading oil and gas explorer in the Gaspe Peninsula. Petrolia own 8% of the shares of Gastem (GMR: TSXV).
About Gastem
Gastem is publicly-traded oil and gas exploration company (GMR - TSX Vx, 13.4 million shares) listed in January 2004. The company owns properties and interests in Quebec and Alberta.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein
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