Great news
Paradym starts producing from five Trutch wells
2006-04-25 05:17 ET - News Release
Mr. Harry Chew reports
PARADYM VENTURES INC. GOES INTO PRODUCTION
Paradym Ventures Inc. and its partners have completed construction and testing of its new production infrastructure at Trutch, B.C. Initial gross production rates from the five wells that are currently on production is approximately 5.5 million cubic feet per day (917 barrels of oil equivalent per day). Paradym's net production is 385,000 cubic feet per day (64 barrels of oil equivalent per day). The facility and pipeline infrastructure project, coupled with the completion of a 48-kilometre transmission line operated by Keyera Facilities Income Fund, opens up a multiyear natural gas development program at Trutch, where the company holds a 7-per-cent average working interest in 33 sections of land. Alberta Clipper Energy Inc. operates both the facilities and drilling program.
In addition to the five wells that have been brought on production, Alberta Clipper has successfully drilled and tested two additional wells at Trutch in the first quarter of 2006. The two new wells, representing incremental gross production of approximately 1.8 million cubic feet per day (300 barrels of oil equivalent per day), are expected to be tied in during the second half of 2006. The company holds a 0.7-per-cent gross overriding royalty on these two wells. Current mapping suggests up to 70 potential locations can be drilled on this property over the next five years. A 32-square-kilometre 3-D seismic program that was shot over the property this winter is currently being processed.