Sept 28 - ProspEx Resources Ltd (PSX.TO) said flow test results from one of its wells at East Kakwa exceeded expectations and said a new project in West Central Alberta offered similar potential.
Shares of ProspEx, a Calgary-based oil and gas company, were up 62 percent at C$1.20 in afternoon trade on the Toronto Stock Exchange.
"The well flowed up 4 1/2" casing on clean up test with a final rate of 10.9 million cubic feet (mmcfd) per day at a flowing wellhead pressure of 2,380 pounds per square inch," the company said in a statement.
ProspEx said the well result confirms the technical and commercial viability of developing the East Kakwa property using horizontal wells with multi-stage fracturing techniques.
The estimated cost to drill and complete the well, which is expected to begin production in November this year, was $3.9 million, the company said.
ProspEx said it expects annual average production in 2010 to range between 3,100 and 3,300 barrels of oil equivalent per day.
The new operating area in West Central Alberta is a part of a 12,000 net acre land position through the acquisition of mineral rights at Alberta Crown land sales.
Shares of ProspEx, a Calgary-based oil and gas company, were up 62 percent at C$1.20 in afternoon trade on the Toronto Stock Exchange.
"The well flowed up 4 1/2" casing on clean up test with a final rate of 10.9 million cubic feet (mmcfd) per day at a flowing wellhead pressure of 2,380 pounds per square inch," the company said in a statement.
ProspEx said the well result confirms the technical and commercial viability of developing the East Kakwa property using horizontal wells with multi-stage fracturing techniques.
The estimated cost to drill and complete the well, which is expected to begin production in November this year, was $3.9 million, the company said.
ProspEx said it expects annual average production in 2010 to range between 3,100 and 3,300 barrels of oil equivalent per day.
The new operating area in West Central Alberta is a part of a 12,000 net acre land position through the acquisition of mineral rights at Alberta Crown land sales.
