CALGARY, AB / ACCESSWIRE / December 3, 2018 / Point Loma Resources Ltd. (TSX-V: PLX) (the “Corporation” or “Point Loma“) is pleased to announce the casing of the Corporation’s recently captured Rex oil opportunity. In addition, the Corporation is providing updated operational information.
- Rex oil horizontal was cased on December 2, 2018. The well is expected to be completed and evaluated prior to year-end.
- Completion plans for the well include approximately 28 frac stages.
The Corporation intends to complete and evaluate the Rex well in December and would then flow back including flowing back and testing the well after the multi-stage frac operations. Given the potential noted during the drilling of the well Point Loma has elected to focus on enhancing the completion of this well utilizing larger size fracs than originally planned to optimize the production capability from the zone.
As a result, Point Loma now plans to limit the current drilling program to the Rex well at Wizard Lake in order to allow for a more optimal completion and to preserve capital in the current challenging commodity market. The second well of the program is licensed and is expected to be drilled in the new year once the Corporation is prepared to commit to the additional capital program. An updated corporate presentation can also be found at www.pointloma.ca.
About Point Loma
Point Loma is a public oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west-central Alberta. The Corporation controls over 160,000 net acres (250 net sections) and has a deep inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations. 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, 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.