Great Northern Oilsands Inc., Announces Drilling Program Update for Rich/Rumsey D3 Reef Well in Alberta, Canadaadmin
Great Northern Oilsands Inc. – has been informed by the operator that the 10 day drilling program of the prolific D3 Reef Test Well in the Rich/Rumsey Area of Central Alberta, has been delayed. The spud date for the well has been delayed due to bad weather conditions in the area. Great Northern anticipates the drilling program to begin late next week, weather dependant, and management is excited about the potential of this project for Great Northern.
Great Northern will be participating in a 2,020 meter Beaverhill Lake Test Well to earn a working interest in 640 acres where the Test Well will be drilled.
An extensive 7.3 square mile 3D seismic program was shot and interpreted in Q1 2007 that resulted in the identification of several D3 Reef anomalies, the first of which will be tested by the drilling of an upcoming test well. In this regard Great Northern’s initial test well is located approximately 3 miles south of the prolific Gulf Rumsey D3 pinnacle well that was discovered in 1982. The famous Gulf Rumsey well produced at an initial rate of more than 3,600 barrels of oil per day and produced over 3 million barrels of oil in the first 30 months of its productive life.
Based on the interpretation of the new seismic data it is anticipated that the test well may encounter vertical reef buildup of in excess of 100 feet and have an aerial extent of between 40 to 80 acres. There is the potential for the targeted reef to have 3+ million contingent barrels of oil equivalent in it. If the test well is successful it is anticipated that initial production rates may be in the magnitude of 500 to 1,000 barrels of oil per day.
Great Northern will keep shareholders apprised of developments with this project as they occur.
Certain statements in the release are forward-looking statements or information (collectively “Forward-Looking Statements”), within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. We are hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these Forward-Looking Statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intend,” “plan,” “projection,” “could,” “vision,” “goals,” “objective” and “outlook”) are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the Forward-Looking Statements.
CONTACT: David Lane, Great Northern Oilsands Inc., President & Chief Executive Officer, Email: firstname.lastname@example.org; Investor Relations, Great Northern Oilsands Inc., Email: email@example.com, Telephone (604) 646-5625, Facsimile (604) 688-1817; Please visit Great Northern Oilsands Inc. corporate website at www.greatnorthernoilsands.ca
Source: Great Northern Oilsands Inc.