Some real news..and drilling planned Ok the Allstar hidden gem is planning and aggressive drill program. I am hoping that means more than 5 wells. Production must be over 600 per day now. Progress is beginning.
19:46 EDT Tuesday, May 29, 2012
TSX Venture Exchange Symbol FNR
SASKATOON, May 29, 2012 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR), provides an update on the Riverside properties owned through Allstar Energy Limited ("Allstar"), a 100% owned subsidiary of 49 North.
Mr. Ashley Drobot, P.Geo, President and CEO of Allstar reports that Allstar has recently completed a re-entry program on an existing suspended vertical well on the Riverside lands that was purchased from a third party in Q1 of 2012. After re-initiating inflow from the formation, the well exhibited extremely encouraging pump rates in excess of 100 bopd (barrels of oil per day). After 30 days of initial production, pump rates have been restricted to and stabilized at approximately 60-70 bopd.
Given the strong results from the initial re-entry program, Allstar is currently in the process of accumulating and reviewing the significant amounts of proprietary 2D seismic data acquired with the asset acquisition noted in the press release of May 22, 2012. Allstar has also begun permitting an extensive 3D seismic program on the Riverside lands for the purpose of further defining the reservoir and future drilling locations. Concurrent to this, Allstar has applied for regulatory approval to re-enter an abandoned well bore that exists within the currently held lands. Using the existing 2D seismic and proposed 3D seismic program, Allstar plans to develop an aggressive drilling program for the summer and fall of 2012.
Allstar now holds approximately 31,360 acres in the vicinity of Leader, Saskatchewan, which is collectively referred to as the Riverside properties. Given the sizeable land position now held, Allstar is very encouraged by the positive results of the initial re-entry program.