Prospera Energy Inc. press release
Pennine begins production testing at Pincher Creek
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
(via Thenewswire.ca)
October 14 2008, CALGARY, Alberta - Pennine Petroleum Corporation (TSX.V-PNN) is pleased to announce that equipment has been mobilized to initiate pump testing of the Brown Sand reservoir at the Pennine Pinch Ck 100/01-11-004-29W4M discovery well. The work program is estimated to take fourteen (14) days to complete and the Brown Sand reservoir will then be placed on pump production to establish stabilized daily rates of oil flow.
The Brown Sand was fracture stimulated with flowing and swabbing production at indicated rates of 233 barrels per day of oil (43 API) and minor solution natural gas. The well bore was subsequently configured to production test the upper Cadomin Formation reservoir. Prior to sanding off, the Cadomin was producing an equivalent of 290 barrels per day fluid, 82 per cent 43 API oil with a steadily decreasing load fracture fluid cut to 18 per cent, and 300 thousand cubic feet of sweet solution natural gas.
Subsequent to a mandated ERCB Hearing to address the placement of a 258 meter sweet solution natural gas conservation pipeline, a commingling application will be made to the relevant authorities to produce both the Brown Sand and Cadomin Formation reservoirs.
Pennine maintains a 34.5 per cent working interest in the Pennine Pinch Ck 100/01-11-004-29W4M Project and is Joint Venture Operator. The Company holds 10,560 gross acres (4,851.2 net acres) of land in the entire Pincher Creek area. The average working interest for the Company is approximately 40 per cent of crown and freehold leases.
About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company with active projects located in Alberta, Saskatchewan, and British Columbia. The Company intends to create growth in production cash flow by focusing on drilling and well re-completions on selective land areas in which the Company operates.
NOTE FOR FORWARD LOOKING STATEMENTS - Statements made in this press release comprise forward-looking information based on current company operations that may vary from actual results obtained by the company. Specifically, the reader is cautioned that past production testing and swabbing may not be indicative of future stabilized flow rates. Further, while it is the policy of Pennine Petroleum Corporation to constantly review and respond to changes in the operational, competitive and regulatory environments, readers are advised that exploration and production of hydrocarbon resources carries significant risk and that the information contained herein should be used accordingly.
For further information contact
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
F: 403 277-4439
E: des.smith@penninecorp.com
Boardmarker Group
Dean Stuart
T: 403 517 2270
E: dean@boardmarker.net
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