Calgary, Alberta – WesCan Energy Corp. (TSXV: WCE) (“WesCan” or the “Company“) is providing an update to its recently drilled well at Provost, Alberta as the Company has established a more reliable and stabilized flow rate since the well was placed on production on October 28, 2022.
As previously announced on November 22, 2022, the well experienced certain operational delays during the initial stages of production together with the extreme weather conditions that were realized during the month of December. Such delays made it difficult to evaluate and determine the overall performance of the well with any degree of accuracy. Both the operational and mechanical issues experienced over this time period have been resolved.
From the initial production date of October 28, 2022 to December 31, 2022, the well produced approximately 1900 barrels of oil in addition to approximately 4600 mcf (766.67 Boe) of associated gas. The well, however, was down periodically during the month of December due to extreme winter weather conditions. To-date, the well appears to be stabilizing over the last 20 days with uninterrupted run-time. Over this time period, the well is continuing to produce approximately 50 barrels of oil per day with approximately 195 mcf (32.5 Boepd) of associated gas. Total fluids produced from the well is approximately 200 barrels per day. Recent samples taken from the wellhead indicate an approximate 70-75% water cut. The additional fluids coming from the well are handled through the Company’s 100% owned facility which represents only 15% of the total handling capacity at this facility.
The Company also conducted an internal evaluation of the drilling program together with our drilling consultants that were on-site from spud date through to rig release date. Management further reviewed all the strip logs of each multi-lateral leg relative to the directional surveys of each leg, as well as the various samples indicating positive oil staining throughout the several stages of drilling, all of which have supported an oil bearing reservoir. Such findings indicated an overall successful drilling operation that will provide valuable geological data in support of the Company’s ongoing preliminary work for a second multi-leg horizontal drilling location.
This news release as well as all future releases will be available on the Company’s website at www.wescanenergycorp.com
equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.”