$PEAK - TriOil Announces Successful Lochend Cardium Result, Provides Cardium Operations Update and Announces - $PEAK - InvestorVillage
  • TECH UPDATE: Please accept our apologies for the delay in getting our "board visit & message view" counts to normalize. As you may have noticed, starting yesterday the "board stats" for individual message boards started to display clearly erroneous "member" and "guest" visit counts. Needless to say, we don't like having unreliable traffic stats on the site any more than you do. Please understand this was not by design or intention. It's a glitch that resulted from an apparent incompatibility with the legacy code and the recent deployment of new servers to tackle issues related to last month's outage. In order to give our web developer a chance to take a closer look at the glitch and come up with a viable solution, we have decided to leave the code up for now so she can have real-world data to work with (rather than just turn the counts off again). So it looks like we may have to live with these bad counts a little longer, but our expectation is to have this resolved by early next week, if not sooner. We appreciate your patience and understanding.  
This is a semi-private group. You are free to browse messages, but you must be a member of this group to post messages. Join This Group

Group: $PEAK   /  Message Board  /  Read Message

 
 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board
Msg  11148 of 61179  at  9/23/2010 8:36:27 AM  by

liverless


TriOil Announces Successful Lochend Cardium Result, Provides Cardium Operations Update and Announces Closing of Asset Acquisition at Lochend

 
Press Release Source: TriOil Resources Ltd. On Wednesday September 22, 2010, 10:22 pm EDT

CALGARY, Sept. 22 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company") (TSXV:TOL) is pleased to announce its initial Cardium horizontal result at Lochend, provide an operational update on its Lochend/Cochrane drilling activity and confirm the completion of its previously announced acquisition of Cardium focused assets at Lochend, Alberta (the "Acquisition").

The closing of this Acquisition represents a significant step in the development of the Company's Lochend/Cochrane core property. It includes 14 net (22 gross) sections of prospective Cardium land, approximately 100 boe/d of production and 99% ownership and operatorship of strategic production facilities with 60 km of connected pipeline infrastructure. The total cash purchase price net of preliminary closing adjustments was approximately $8.2 million.

Since commencing operations in January, TriOil has executed a well defined growth strategy focused on building grass root positions on emerging light oil resource plays. The Company has invested significant capital on prospective acreage in the Lochend/Cochrane Cardium light oil resource play through Crown land sales and through strategic asset acquisitions with limited associated production and large undeveloped land positions. With the most recent Acquisition completed, TriOil has invested approximately $30 million at Lochend/Cochrane and has established a strong growth platform and operational presence on the emerging Lochend/Cochrane Cardium light oil resource play with:


- 80 gross (56 net) sections of prospective Cardium lands with high
average working interests and operatorship of the majority of the
acreage position;
- 99% ownership and operatorship of a key 5 mmcf per day gas plant and
75 km of pipeline infrastructure;
- a Cardium horizontal drilling inventory exceeding 150 net locations.

Cardium light oil potential on the Lochend/Cochrane trend continues to be
proven up by very active competitor drilling programs on adjacent lands.
Several Cardium horizontal wells have been drilled, completed and placed on
production over the past few months by other Cardium operators on the play and
the results of 3 Cardium wells have recently been press released.

TriOil has commenced an active Cardium horizontal drilling program at Lochend/Cochrane and is pleased to announce its initial Lochend Cardium result and provide an update on its Cardium operations:


- The first well in the program, in which TriOil has a 20 percent
working interest, commenced production at a rate of approximately
700 boe/d post recovery of frac fluid and had a first month average
production rate of approximately 180 bbl per day;
- The second well in the program at 3-26-26-3 W5M was drilled
horizontally 1,200 meters in the Cardium zone and has just been
completed with a multi stage 20 tonne fracture stimulation. TriOil
has a 55 percent working interest in the 3-26 well and production
testing is currently underway on this well;
- The third well in the program at 1-36-26-4 W5M was drilled
horizontally 1,000 meters in the Cardium zone and a multi stage
fracture completion is scheduled for the first week in October.
TriOil has a 60 percent working interest in the 1-36 horizontal well;
- The fourth well in the program has been licensed at 13-1-27-3 W5M and
is expected to commence drilling in the last week of September.
TriOil has a 50 percent working interest in the 13-1 horizontal well;
- The fifth well in the program has been licensed at 1-10-27-3 W5M and
is expected to commence drilling in the last week of September.
TriOil has a 30 percent working interest in the 1-10 horizontal well;
- The sixth well in the program has been licensed at 4-12-26-4 W5M and
is expected to commence drilling in the third week of October
utilizing the same drilling rig from the 13-1 horizontal well. TriOil
has a 100 percent working interest in the 4-12 horizontal well.

All of the above wells are expected to be completed and on stream by the
end of the year. Additional 2010 drilling operations are currently in the
planning stages. TriOil has acquired surface leases for 2 (1.6 net) horizontal
Cardium wells at Lochend/Cochrane.

TriOil management is encouraged by the early Cardium results at Lochend/Cochrane and believes that this core property will provide significant production and reserve growth for the Company for the next several years.

TriOil is a publicly traded junior oil resource player in Western Canada. Substantial land positions have been acquired on early stage light oil resource opportunities to capitalize on improvements in horizontal drilling and multi-stage fracture stimulation technologies, specifically targeting opportunities in the emerging Cardium oil trends in Alberta and the Bakken and Sanish oil trends in southeast Saskatchewan. TriOil has successfully executed its business plan thus far, growing its production, reserves and undeveloped land base over the early part of 2010 to position the Corporation for substantial future increases in production, reserves and shareholder value through exposure in these high quality resource plays.

TriOil trades on the TSX Venture Stock Exchange under the symbol "TOL". At September 22, 2010, there were approximately 25.4 million shares issued and outstanding (28.6 million fully diluted).



     e-mail to a friend      printer-friendly     add to library      
| More
Recs: 0     Views: 304
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board

Replies
Msg # Subject Author Recs Date Posted
11149 Re: TriOil Announces Successful Lochend Cardium Result, Provides Cardium Operations Update and Announces Closing of Asset Acquisition at Lochend liverless 0 9/23/2010 8:42:26 AM
11151 Re: TriOil Announces Successful Lochend Cardium Result, Provides Cardium Operations Update and Announces Closing of Asset Acquisition at Lochend YSL 0 9/23/2010 9:18:28 AM






Financial Market Data provided by
.
Loading...