Arsenal Energy averages 4,700 boe per day in June 2014-07-03 16:12 ET - News Release
Mr. Tony van Winkoop reports
ARSENAL ENERGY INC. RELEASES OPERATIONAL UPDATE
Arsenal Energy Inc. is providing an operations update. Based on field estimates Arsenal averaged approximately 4,700 barrels of oil equivalent per day of production for the month of June.
At Stanley, N.D., Arsenal, as operator, has completed and tested two horizontal Bakken wells. The Allison Ann well flowed at approximately 1,385 barrels per day of oil during a 24-hour test period, and the Craig Allen flowed at approximately 1,250 barrels per day of oil during a 24-hour test period. Arsenal has an approximate 84-per-cent working interest in each well. The wells are both tied-in to Arsenal's facilities and are currently on production. The results from the Allison Ann and the Craig Allen are indicative of Stanley-area-type wells, which average approximately 630 boe per day for the first month and average approximately 265 boe per day for the first year. Stanley-area-type wells have approximately 500,000 boe of proven plus probable reserves.
At Lindahl, N.D., Arsenal has participated in seven (0.9 net) Bakken horizontal wells, all of which have been drilled and cased. Completion operations have commenced on the wells and it is anticipated all seven wells will come on stream through the third quarter of 2014.
At Princess, Alta., debottlenecking operations are continuing. Arsenal is adding additional oil treating facilities and water disposal facilities. Current production at Princess is approximately 1,000 boe per day with an additional 400 boe per day shut-in waiting on capacity expansion. In addition, Arsenal has commenced a four-well drilling program. Results from that program should be available by the end of the third quarter of 2014.