CALGARY, Alberta, Sept. 18, 2017 (GLOBE NEWSWIRE) — Point Loma Resources Ltd. (TSX VENTURE:PLX) (the “Corporation” or “Point Loma”) is pleased to announce the test rates of the 5-31-55-6W5 well and provide an operational update.
Highlights and Operational update
- Point Loma has recompleted its 5-31-55-6W5 Nordegg well higher in the section and after establishing flow the final 24 hour rates averaged 160 bpd oil, 850 mcfd gas and 428 bpd water;
- This test demonstrates the potential of the Nordegg for continued horizontal development;
- Point Loma has drilled and cased 9-18-49-1W5 as a Sparky oil well.
- Point Loma will drill a second well in the program at 02/1-32-55-7W5 as an Ostracod oil infill well.
The 5-31 well is currently shut in to observe pressure build up prior to placing it back on production which is anticipated later in September. Following the drilling of the two horizontal wells Point Loma will complete and flow test the wells and should place the wells on production prior to the beginning of November this year. In addition, the Company plans to begin production of the acquired well in 12-4-56-7W5 which is also part of the Ostracod A pool at Paddle River.
Point Loma will also continue to work with the midstream owner of the Paddle River facility to re-activate additional production in the area which should occur in step fashion through the fall of 2017.
“Point Loma is pleased to initiate operations in our core areas that should not only increase our producing volumes but will improve our oil and liquids producing volumes and add to our revenues and netbacks.” said Terry Meek, President and CEO of Point Loma. “These steps should lead to additional drilling opportunities within our key producing areas.”
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.