TSXV:RUN.H - Post by User
Post by
stockplayer71on Oct 12, 2005 12:37pm
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Post# 9690279
Looks like they have production
Looks like they have productionCheck out the Choice release from yesterday. it looks good so far.
CHOICE ANNOUNCES OPERATIONS UPDATE ON PINCHER CREEK DEVELOPMENT WELL
Choice Resources Corp.'s drilling of the previously discussed horizontal well at Pincher Creek is proceeding according to plan. The well is currently drilling ahead in the horizontal section and it is expected to take seven to 10 days to complete.
The well has been cased below the base of the Fernie shale and is currently being horizontally drilled underbalanced in the Livingstone formation with natural gas. The production from the well is being conserved and processed through a closed system into Choice's plant and, as a result, flaring is minimized. Rates and pressures are managed with various injection rates of gas and liquid to maintain control of the well. It is premature to predict the final well capability at this time and more information will be released as data become available.
Choice has a capital interest in this well of 19 per cent with a 30-per-cent working interest before payout of the well costs and a 52.5-per-cent interest after payout of the well capital. Choice will also receive a 10-per-cent gross over-riding royalty on 45 per cent of production before payout reverting to the described working interest after payout.
The Pincher Creek area is a focus area for both exploitation and exploration. Further drilling, seismic and recompletion work will be done in conjunction with partner discussions upon completion of the current well.