new wellSure Energy Inc. announces new Redwater Viking oil test results
CALGARY, Aug. 18/CNW/ - Sure Energy Inc. (SHR, TSX) ("Sure Energy") ("the Company") ispleased to report the production test results of its recent RedwaterNorth horizontal well. The Viking formation was tested for three daysand flowed an average of 315 barrels of clean, 35 API oil and 400 mcf ofsolution gas over the final 24 hours.
The Company anticipates the well to be on production in lateSeptember, once pressure testing and facility construction is completed.
The well is 100% owned by the Company and will qualify for theAlberta Government's Horizontal Oil New Well Royalty Rate of 5% for 24months, to a maximum of 60,000 barrels.
The Company has a minimum of six direct offset locations to this welland owns 7 3/4 sections of 100% working interest lands in the RedwaterNorth Viking play. These lands have ERCB approved Holdings allowing upto 4 wells per quarter section.
The development of Redwater North complements Sure Energy'sdevelopment and production at Redwater South. In total, Sure Energy has7,495 acres of net undeveloped land on the Redwater Viking oil trend.
Sure Energy Inc. is a publicly traded oil and gas exploration and development company listed on the Toronto Stock Exchange under the symbol "SHR".