Petro One Energy Corp. (TSX-V: POP) (PINK SHEETS: CUDBF) is pleased to report that the first hole drilled on its 100% owned J1 Rosebank property in Saskatchewan is an oil producer, and is being brought into production based on positive test results. This vertical well has demonstrated a flow rate of 40 barrels per day of light 30 degree API oil from the Frobisher-Alida zone, one of Saskatchewan's most productive reservoirs. Based on this result, Petro One has been credited with NI 51-101 compliant proved (P1) + probable (P2) + possible (P3) reserves of 510,000 barrels of oil as detailed in the table below. Petro One has been credited with six undeveloped locations, including three vertical and three horizontal targets that are planned to be drilled to exploit the full potential of this oil pool. These drill targets were selected by an independent geophysicist and an independent geologist based on well log control from adjacent producers and state of the art 3D seismic.
Petro One's Rosebank 11-29-4-23W1 was drilled on the west flank of the Rosebank oil field, which has been in production since 1955. The discovery well is located between two prolific oil producers: A vertical well 320 metres to the south that has produced 186,000 barrels since 1984, and a horizontal well 300 metres to the northeast that has produced 63,000 barrels since 2000.
In addition to the new reserves reported above, Petro One has already been credited with total Canadian reserves of 100 MSTB oil and 152 MMscf gas (proved P1), 372 MSTB oil and 727 MMscf gas (probable P2), and 853 MSTB oil and 1,614 MMscf gas (possible P3), for a total proved + probable + possible reserve of 1,325 MSTB light oil, 2,493 MMscf gas, 1,740 MBOE combined in its Milton Viking field.
"We are very pleased to have achieved an overall success rate of 100% with the Company's first two drill campaigns that resulted in two new oil discoveries," said Petro One President Peter Bryant. "We have a systematic drill program planned to build both production and shareholder value. Petro One looks forward to building its production with a total of 26 undeveloped drill targets in both its J1 Rosebank and J5 Milton reservoirs. We also plan to move forward with drill testing the economic potential of more than ten other stand-alone properties. These properties total more than 10.5 sections (6,720 acres/2,700 hectares), and include some of the best producing formations in Saskatchewan and Manitoba."
Petro One's Rosebank 11-29-4-23W1 was drilled on the west flank of the Rosebank oil field, which has been in production since 1955. The discovery well is located between two prolific oil producers: A vertical well 320 metres to the south that has produced 186,000 barrels since 1984, and a horizontal well 300 metres to the northeast that has produced 63,000 barrels since 2000.
In addition to the new reserves reported above, Petro One has already been credited with total Canadian reserves of 100 MSTB oil and 152 MMscf gas (proved P1), 372 MSTB oil and 727 MMscf gas (probable P2), and 853 MSTB oil and 1,614 MMscf gas (possible P3), for a total proved + probable + possible reserve of 1,325 MSTB light oil, 2,493 MMscf gas, 1,740 MBOE combined in its Milton Viking field.
"We are very pleased to have achieved an overall success rate of 100% with the Company's first two drill campaigns that resulted in two new oil discoveries," said Petro One President Peter Bryant. "We have a systematic drill program planned to build both production and shareholder value. Petro One looks forward to building its production with a total of 26 undeveloped drill targets in both its J1 Rosebank and J5 Milton reservoirs. We also plan to move forward with drill testing the economic potential of more than ten other stand-alone properties. These properties total more than 10.5 sections (6,720 acres/2,700 hectares), and include some of the best producing formations in Saskatchewan and Manitoba."