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GOLDNEV RESOURCES INC V.GNZ



TSXV:GNZ - Post by User

Bullboard Posts
Post by rich471on Aug 17, 2010 1:56pm
762 Views
Post# 17358069

Turner valley Update 2

Turner valley Update 2

The well initially went on production in 1998 it took Shell three months of flowing the well before proper oil production was established.

 

In their first week of putting the well onto production and producing it through the pipeline to Devon they increased the production of fluids from 80 to now 100 cubic meters (or 600 b/d) and started immediately producing 1 cubic meters (or 6 b/d,) of oil and measurable gas.  Last week oil production more than doubled and jumped to 2.16 cubic meters (or 13 b/d) and gas production also more than doubled. Yesterday Devon began new production testing which will continue for the next couple of days. Currently Devon tests the well for two days and then goes off test for two days after which tests resume again.

 

Both oil and gas has significantly increased to the point where they are now able to cover their operating costs on the well for the first time which includes a $25,000 per month lease to own payment on the ESP pump and field / battery operating and water disposal costs, so they are very pleased with the performance of the well production operations so far.

 

They still haven’t gotten to the point of reducing the fluid level in the well in fact it has slightly increased and the fluid column has lightened as a result of the increase in hydrocarbon production but the fact that they are seeing oil and gas so soon after initiating production is very encouraging since it further proves that the fault has been sealed off.


rich47

Bullboard Posts