PETROMIN ANTICIPATES JULY 22 2012 DRILL START DATE FOR MORNINGSIDE OIL PROSPECT
Wednesday, 11 July 2012
Vancouver, British Columbia, July 11th, 2012 – Petromin Resources Ltd. (the “Company”) is pleased to announce that the Company expects to begin the drilling of its (15-23-42-28W4M) Morningside Dual Oil/Gas Prospect this July 2012. The well should take about six days to directionally drill and about seven days to frac and complete.
The test well offsets a dual producer that has produced over 165,000 boe to date and had initial flow rates in excess of 350 barrels of oil per day with approximately one million cu. ft. of gas per day.
The well is to be drilled at no cost to Petromin and the company will retain a 25% working interest (WI) after payout with a gross over-riding royalty interest before payout.
Petromin has also recently acquired an option to purchase a 50% (WI) in an additional 160 adjacent acres (SW 23-42-28W4M) which will give the Company interests in a total of 480 acres at Morningside.
With the success of this well Petromin anticipates the drilling of several more wells on the property.