Mr. Harry Chew reports
UPDATE ON OPERATIONS AT THE SINCLAIR FIELD IN MANITOBA
Pacific Paradym Energy Inc., further to its news release in Stockwatch dated March 21, 2011, has received initial production rates from its joint venture partner which is the operator of its Sinclair field well (7-11) in Manitoba. The well began continuous production on March 26, 2011, and has been producing on average at a rate of 85 barrels of oil per day on a gross basis (net 34 to the company). These initial production rates are consistent with historical regional production for this field.
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 with vertical wells.
Harry Chew, president of the company, said: "We are very pleased that the initial production rates from this well have been so positive thus far. We are currently in discussions with our joint venture partners on the best strategy on proceeding with the development of this property."
We seek Safe Harbor.