CALGARY, AB–(Marketwired – November 21, 2016) – Point Loma Resources Ltd. (TSX VENTURE: PLX) (the “Corporation” or “Point Loma“) is pleased to announce that it has conducted an extended flow test of the 5-31-55-6W5 Nordegg oil well and has received an approved license to tie-in the well and commence production.
- Pipeline application to tie-in the 5-31-55-6W5M Nordegg well has been approved.
- Point Loma intends to commence construction on the pipeline immediately and is estimated to be completed in approximately three weeks.
- The 5-31 Nordegg well was the subject of an extended test to confirm appropriate surface facilities. Prior to the test Point Loma had successfully reconfigured the well to optimize the sizing of the surface equipment. The well was flowed via production from the Nordegg formation test under restricted rates for six days with the flow averaging as follows (all load fluid was recovered prior);
- Total fluid recovered 1760 bbls
- Average Oil rate of 150 barrels per day
- Natural gas rate of 500 mcf per day (80 boe/d)
With the addition of this new well Point Loma is poised to continue its expanding production base to a level above 700 boe/d. Point Loma is also underway with the survey and pipeline plans to tie-in the Thorsby Glauconite well 11-18-49-1W5 shortly after the completing the tie-in of the Nordegg well. The Thorsby well was previously flow tested and is anticipated to increase Point Loma’s production levels to a year end exit rate of greater than 800 boe/d.
Point Loma has engaged the services of Proactive Investors Ltd. (“Proactive”) to provide investors with public market information about Point Loma in an investor relations capacity. The business of Proactive is to provide investors with information about public companies that it covers in North America, the United Kingdom and Australia. Proactive has no ownership interest in Point Loma or the right to acquire such an interest. Point Loma has entered into an agreement with Proactive to provide its services for a one year term. Point Loma is looking forward to the expanded market exposure it believes it will receive due to this relationship.
About Point Loma
Point Loma is a public oil and gas development and exploration company focused on horizontally exploiting conventional oil and gas reservoirs in west central Alberta. Point Loma’s business plan is to utilize its experience to drill, develop and acquire accretive assets with potential for horizontal multi-stage frac technology and exploit opportunities for secondary recovery. For more information and our current presentation please visit Point Loma’s website at www.pointloma.ca or Point Loma’s profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.