Cavvy Energy Ltd. press release
Haldimand No. 1 well produces oil while drilling continues
TSX - Toronto Stock Exchange ยท Canada
RIMOUSKI, QC, Feb. 7 /CNW Telbec/ - Petrolia (PEA : TSX-V) announces that the Haldiman No. 1 well is producing oil while it is being drilled. 6,000 litres were produced over a period of 7 days, equivalent to 5 barrels per day. This oil production appears to be associated with a reservoir zone at a depth of 960 metres. The well seems to have penetrated an over-pressurized zone of permeable rocks containing gas, salt water and oil. "This discovery of oil is significant since it could be the precursor to a producing oil reservoir. However, a quantitative estimate of production capacity can only be performed following completion of the well. Meanwhile, the well continues to produce at the rate stated above and it is anticipated that a 10,000 litre tanker truck of oil will soon be sent to a refinery." states Andre Proulx, president of Petrolia. The target depth of the Haldimand No. 1 well is 1,200 metres and there is a possibility that additional pay zones will be encountered.
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