Petromin Flow Tests Gas Well with Oil Production on its Gilby Lands
Monday, 05 May 2008TSX.V Symbol: PTR
VANCOUVER, May 5 /CNW/ - Petromin Resources Ltd. is pleased to announce it has completed and flow tested it's Gilby 1-36 -39 -28 W4 Ellerslie well in Central Alberta. The well was stimulated and flow tested for 48 hours. During the test period, a stabilized rate of 45 10 E3m3/d (i.e. 1,575 thousand cubic feet per day, MCF/d) of natural gas was achieved with a tubing pressure of 3940 kpa. A total of 85 m3 (i.e. 533 bbls) of light gravity crude oil (32 degree API) was also recovered during the flow and buildup test. The well is currently shut in and waiting to be tied in as soon as possible. Petromin retains a net 16.666 percent working interest in the well which the company anticipates will significantly add to the company's revenues.
Also the Company is pleased to report that gross revenues on the Company's three Frog Lake Heavy Oil Wells has more than doubled recently to approximately $300,000.00 per month before operating costs, partly due to both improved production practices and the increased pricing and demand for heavy oil. A fourth well is anticipated once clarification is received from Indian Oil and Gas on a royalty reduction request from both Petromin and FLERK (the Frog Lake Band's Oil Co).
On Behalf of the Board of Directors
Dr. A Ross Gorrell
For further information: Petromin Resources Ltd., 390-1090 W. Georgia
St., Vancouver, B.C., V6E 3V7, T. (604) 682-8831, F. (604) 682-8683