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Artisan Energy provides operational update

Stockhouse Editorial
0 Comments| July 22, 2013

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Artisan Energy Corp. (TSX: V.AEC, Stock Forum) said currently its combined production is exceeding 400 barrels per day at 70% oil and natural gas liquids.

According to the Artisan Energy press release, there has been drilling success on two additional horizontal oil wells at Ferrybank, located in central Alberta.

The two additional 1,000 metres horizontal length Belly River oil wells are each producing in excess of 100 barrels per day of oil.

Artisan currently has three horizontal oil wells producing from the Ferrybank pool and has plans to construct an 800-metre pipeline to capture the associated gas production, which represents an additional 50 barrels per day.

Artisan has up to an additional eight horizontal oil drilling locations for future considerations on its existing Ferrybank lands.
At Chip Lake, located in central Alberta, the corporation has completed a solution gas pipeline and brought its initial horizontal Rock Creek well on production.

The well is currently flowing 30 barrels per day of oil and 750 million cubic feet per day of raw gas, at a restricted rate due to short-term compression limitations at the third party operated gas plant.

Artisan has up to an additional 26 horizontal Rock Creek drilling locations for future considerations on its existing Chip Lake Lands.

In Southern Alberta, Artisan completed a seven section pooling agreement with a third party industry partner, contributing two sections and retaining a 50% working interest in all seven sections. Artisan has since drilled a vertical test well enabling the corporation to earn an additional 30% in the sections resulting in an 80% working interest in the seven sections.

Artisan explores, develops and produces oil and natural gas reserves in Western Canada.

On Monday, Artisan rose 22.5% and was trading at $0.49 a share. The company had a market cap of $28.4 million, based on 58 million shares outstanding.

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