Tuesday, July 26, 2011
Trafina Energy Ltd.
Trafina announced that its second well in the McMullen area of northeastern Alberta has been drilled, cored, tested and cased. Trafina Martin Hills at 5-28-77-25W4 (5-28) was rig-released earlier this week. The rig is expected to be moved to the third location at 11-28-77-25W4 (11-28) this morning, weather permitting.
The 5-28 well encountered 10 meters of Wabasca A sand. Additionally, the two variables necessary for commercial production, pressure and viscosity, have been quantified. A pressure test performed on the well indicates a bottom-hole pressure between 1,850 and 1,910 kilopascals (kpa) and oil recovered from the core has a viscosity of 22,000 to 26,000 centipoises. As disclosed on July 11, 2011, pressure needs to exceed 1,200 kpa and viscosity needs to be less than 50,000 centipoises. Completion operations are underway and first production could occur in early August 2011.
Although the Wabasca zone could be construed to be a blanket sand, it is not a homogenous reservoir. Industry experience has shown that each well drilled may exhibit markedly different characteristics of pay thickness, porosity, water saturation, pressure and viscosity. Therefore, Trafina intends to announce the results of each vertical evaluation well drilled.
The results achieved with the 5-28 bode well for the success of Trafina's business plan for this rapidly developing core area. The initial well drilled in the McMullen area at 16-28 in early July encountered 8.5 meters of Wabasca A sand and will be completed in due course. If the third well at 11-28 provides the same characteristics as 16-28 and 5-28, it is likely that pod development in at least two quarter sections of section 28 will occur later in 2011.
West Pembina, Alberta
At West Pembina, Trafina's second non-operated Cardium horizontal well has reached total depth, albeit late and over budget as a result of drilling problems. It is anticipated that the well will be completed with a multi-stage fracturing operation as soon as time and ancillary services are available. Trafina has a 25 percent working interest in this well. Two additional Cardium wells are planned for the fourth quarter of 2011 and the first quarter of 2012.
Rangeview/Divide, Saskatchewan
Trafina recently increased its working interest in the Rangeview/Divide area of southwest Saskatchewan from 80 to 90 percent. The 10 percent increase is a result of the settlement of debt owed to Trafina by a working interest partner in the Rangeview/Divide properties.
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