Petromin Participates In Redwater Wells
Tuesday, 28 October 2008
Petromin Resources Ltd. says 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 seven wells. It 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 the first seven producing Redwater wells is at approximately 100 bbls of oil equivalent per day. The additional production from the two new discoveries is expected to enhance revenues and production results, the company said.
In addition, Petromin announced that Terrawest Energy Corp. spudded the LHG 08-01 well on its CBM lands in Xinjiang, China on Oct.18. LHG 08-01 is intended to test the permeability of the main J2X coal seam of approximately 30 metres thickness.
A second larger rig is expected to arrive on site to begin the drilling of the deeper (1 500 metres) LHG8-03 location on TWE's CBM lands in Xingjiang, China