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Mr. Harry Chew reports
UPDATE ON OPERATIONS AT THE SINCLAIR FIELD IN MANITOBA
Pacific Paradym Energy Inc., along with its joint venture partners, has drilled a horizontal well to a depth of 1,745 metres. The well has been cased successfully, horizontally completed and has been equipped to commence production. Initial production rates will be forthcoming once the well has been producing and rates can be established.
About the Sinclair field, Manitoba
The Sinclair field was discovered in 1954 and has been under continuous development since that time, having over 610 wells drilled with more than 530 currently producing and having estimated reserves of 6.8 million cubic metres of oil. To date, the Bakken and related formations have produced over four million barrels of light oil from several large oil pools in Manitoba. Recently the Bakken formation has been redeveloped with horizontal multistage frac technology which has proven to increase both oil rate and oil reserves compared to vertical wells.
Harry Chew, president of the company, said: "We are very pleased that our first well in this area has been successfully horizontally completed with multistage frac technology. We look forward to unlocking the potential in a prolific and proved field such as Sinclair. The company is awaiting the next stage of operations from its joint venture partners who operate this property."