Petromin begins production testing on two recently completed discovery wells on its Redwater lands and spuds its latest CBM well in China
Monday, 20 October 2008
VANCOUVER, Oct 20, 2008 /PRNewswire-FirstCall via COMTEX/ -- TSX.V Symbol: PTR
Further to our June 02, 2008 news release, Petromin Resources Ltd. (the "Company") is pleased to announce that it has now completed nine successful multi oil and gas wells, on its Redwater lands in Central Alberta. The Company retains a 25% - 50% working interest in the first 7 wells. The Company also retains an 11% GORR on its two new discoveries recently drilled at no cost to the Company. These discoveries are now being production tested and will be tied into the system. Current overall production from our first seven producing Redwater wells is at approximately 100 barrels of oil equivalent per day. The additional production from the two new discovers is expected to enhance revenues and production results to be announced when available.
In addition, the Company is pleased to announce that Terrawest Energy Corp. (TWE) spudded the LHG 08-01 well on its CBM lands in Xinjiang, China on October 18th. LHG 08-01 is intended to test the permeability of the main J2X coal seam of approximately 30m thickness.
The commencement of the TWE China CBM drill program was celebrated with an opening ceremony attended by TWE representatives, honorary guests from the drilling contractor, Hydrology Brigade of the Xinjiang Geologic Engineering Co., Ltd. as well as officials from PetroChina Company Ltd. and service companies Norwest Corporation and Weatherford-China. The opening ceremony ended with fireworks and other traditional Chinese business ceremonies.
A second larger rig is expected to arrive on site later next week to begin the drilling of the deeper (1500m) LHG8-03 location on TWE's CBM lands in Xingjiang, China.
Petromin's on site head engineer, Ryan Adams, was given the ceremonial honor of pulling the switch to start the drilling and the well was officially spudded at 11:08 am Oct. 18/ 2008. Petromin Recourses Ltd. is a major shareholder in TWE and provides management and other services under the terms of a management services agreement.
On behalf of the Board of Directors,
Dr. A Ross Gorrell
Co-Chairman and President