Invicta Energy Corp V.VCA

Kindersley Drill Program Begins

[mooreman]

The company released an nr this evening announcing the beginning of its Kindersley drill program.  See below.

Have a good evening.

 

Invicta begins nine-well drill program at Kindersley

2012-09-17 18:00 ET - News Release

 

Mr. Gordon Reese reports

INVICTA ENERGY COMMENCES 9 GROSS (4.8) NET WELL DRILLING PROGRAM

Invicta Energy Corp. has commenced the third quarter/fourth quarter drilling program of nine gross (4.8 net) wells at Kindersley, Sask. (Lucky Hills). These wells will complete the planned 2012 drilling program of 20 gross (11 net) wells. Current field production is 325 to 350 barrels per day of light oil with total corporate production at 400 barrels of oil equivalent per day. Upon completion of the third quarter/fourth quarter drilling program, the company's exit production is estimated to be 625 to 675 barrels of oil equivalent per day (80 per cent light oil).

Invicta is positioned for growth with top-quartile operating netbacks and a drilling inventory in excess of 200 development locations on its low-risk light oil resource play at Kindersley. The company continues to work on a number of light oil prospects in central Alberta on its 49,587 gross acres (47,753 net acres), and looks forward to drilling and developing its next core area in 2013.

[cookster9]

This post has been removed in accordance with Community Policy

[cookster9]

This post has been removed in accordance with Community Policy

[mooreman]

What's also worth mentioning is that the company stated in that nr that they expect exit production for the year to be in the 625-675 boepd range, approximately double the current production rate of 325-350 boepd which will undoubtedly be reflected in associated metrics (e.g. cash flow, earnings) going forward.   Have a great weekend.

[chucker6]

Sask well map shows 4 wells cased and 5th being drilled now.

[chucker6]

2 more wells licenced this week.