Primera Energy Resources Ltd V.PTT

Primera Energy raises production 35% to 610 bopd

[toasted101]

Primera Energy raises production 35% to 610 bopd

Primera Energy Resources Ltd (C:PTT)
Shares Issued 57,114,750
Last Close 3/30/2012
.18
Tuesday April 03 2012 - News Release

Mr. Geoffrey Leid reports

PRIMERA ENERGY RESOURCES LTD. (TSX VENTURE:PTT) ANNOUNCES CORPORATE UPDATE ON BLOCK WD-4 DRILLING PROGRAM - RECOMPLETION PROGRAM INCREASES PERL'S PRODUCTION RATE BY 35%

Primera Energy Resources Ltd. is providing the following corporate update.

Optimal block WD-4

PS 111RD, originally drilled and completed on Dec. 1, 2011, was recompleted on March 27, 2012, in the Upper Cruse formation. The well came in flowing with an initial production of 202 barrels of clean oil per day, on a 4/32nd-inch choke with casing pressure of 1,200 pounds per square inch. As of April 2, 2012, the well continues to flow on 4/32nd-inch choke with casing pressure of 1,000 pounds per square inch. The cumulative production to date is 1,079 barrels of oil, averaging 180 bopd. Approximately 236 feet of net pay in the Upper Cruse and Forest formations remain to be exploited.

This recompletion has increased PERL's current production rate by 35 per cent to 610 bopd.

As reported earlier, work is continuing on location preparation for redrilling PS 174RD and PS 125.

We seek Safe Harbor.

[ripthorne]

Crazy news - Any idea on the cash on BS?  Why is the stock not moving on this one?  Any info would be great.    

[dano12]

Yeh, Nice announcement but unfortunately no sp movement. Should help the strategic review value though. Someones dumping 200k shares today. What is going on with the green hermit project, has Parex begun drilling it yet. I guess patience will reward us someday???

[ripthorne]

Snowcap well tested 1400  bopd.  Crazy. ,,  600 bopd, plus 1400 equals a lot of stuff.  Lol .  Npv of the stock is 80 cpl when producing 400 bopd.  Cash on hand of at least 3 million.  This will be a takeover if no SPincrease.   BEst buy In years.  Loving this.  

[dano12]

Snowcap was drilled last year, I'm wondering if Green Hermit and Firecrown should be near completion. Hopefully they can test these 2 wells soon and we'll see some good results.

[stuckinonoway]

the deal with hermit and firecrown is the lack of facility(and some ambuguidity).pxt bought tab out last year to expedite things and maybe hurry things along.still-it is what it is. good #s(imo)from legacy field-there were big issues in t and b last year for production capability so maybe sorted out.still-have to deal with tab and the new crop of bozos. firecrown could hit again but looking 2

[jim_nasium99]

You liv in Onoway? Tand B what is that?  Talked to Dan the other day but he didn't seem to be up to date on PTT...