Spitfire Energy updates activity, increases productionadmin
Tuesday, August 26th 2008
Spitfire Energy Ltd. announces that it has commenced production on its new pool discovery well drilled in March 2008. The well has been placed on production at an initial rate of one million cubic feet of natural gas per day. Spitfire controls, by way of a Farmin Agreement, an additional 100% participating interest in several sections of offsetting land in the area. The Company has committed to drill an offset location in October 2008.
Spitfire has drilled and cased an additional four (3.1 net) wells which are currently being completed and evaluated. The remaining two wells (1.3 net) of its six well summer drilling program will follow shortly.
The additional production from the new discovery well brings the company’s current production to 444 barrels of oil equivalent (“boe”) per day utilizing a conversion ratio of 6:1 (6 mcf equals 1 boe).
Spitfire Energy Ltd. is a junior oil and gas company engaged in the exploration, development and production of natural gas and crude oil reserves. Spitfire’s common shares trade on the TSX Venture Exchange under the symbol “SEL”.