CALGARY, Alberta, Dec. 20, 2017 (GLOBE NEWSWIRE) — Point Loma Resources Ltd. (TSX VENTURE:PLX) (the “Corporation” or “Point Loma”) which has captured over 160,000 net acres across the multi-zone Mannville, Nordegg and Banff fairways of west central Alberta is pleased to announce planned activities for the first half of 2018.
- Two well drilling program.
- Nine well workovers identified in existing producing areas.
- Letter of intent executed with Tidewater at Paddle River to process gas through deep cut facility.
° Upon initiation re-activation of 15 to 20 wells in Leaman/Paddle River areas, in early 2018, the Corporation anticipates an increase in production of approximately 1.5 mmcfd of natural gas and 100 bpd of NGL’s net.
- Re-activation of 15 to 17 wells in Thornbury area to Point Loma operated compression will be executed in the first quarter of 2018 and is anticipated to increase natural gas throughput by approximately 1.2 mmcfd net.
- 3D seismic program has been permitted to further delineate West Cove Nordegg play and exploratory Banff play.
Point Loma has now placed three new wells on production in Q4 and has plans in place to see increased production through the first quarter and first half of 2018. Current production is now above 700 boepd as the new wells stabilize. The combination of these new wells and re-activated production is expected to lift Corporate production levels beyond 1,000 boepd in the first quarter 2018.
“With no bank debt, a positive cash position and a growing production base Point Loma is well positioned for growth and sustainability in the coming quarters,” said Terry Meek, President and CEO of Point Loma. We continue to seek additional opportunities in the current market to expand our base of operations in a volatile time.”
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.