Amherst Energy Inc. (Amherst) is a private Calgary based oil and gas exploration company.
Amherst today reported that it has drilled and completed the Amherst HZ Morgan 13-8-52-3W4 horizontal heavy oil well, Amherst 100 % WI. The well was placed on production March 22, 2019 and based on field reports the well is currently producing 100 barrels of oil per day. Amherst is planning to drill a follow up well in the third quarter of 2019 and can drill up to an additional eleven offset wells, on section 8-52-3W4.
The incentive to drill the Morgan well was a direct result of the Alberta Government’s implementation of oil prorationing, enacted on December 2, 2018, which greatly improved heavy oil pricing. Please see the pricing graph below.
Mr. Lamond, Chairman of Amherst, notes that the concerns about the reduction in shipments of oil by railway are unfounded as the shipments only peaked when Canadian heavy oil prices were at record lows and current oil shipments are increasing, as can be seen in the oil railway shipment graph below.
Amherst is encouraging the Alberta Government to continue oil prorationing until additional pipeline capacity is in place.
Additional information can be viewed on Amherst’s website: amherstenergy.ca
FOR FURTHER INFORMATION, PLEASE CONTACT:
Robert W. Lamond, Chairman & CEO
Amherst Energy Inc.
Telephone: (403) 454-8422
Fax: (403) 452-0934
Donald K. Clark, President & COO
Amherst Energy Inc.
Telephone: (403) 452-0447
Fax: (403) 452-0934