Stealth Shale Gas Operations Update: Hitting Budget and Production Targets
Stealth Ventures Ltd. announce that its production is rapidly growing beyond its second quarter average of 236 BOE/D, primarily due to tie-in operations on its current 70 well program at Wildmere, Alberta. Since the inception of the play in early 2006 Stealth has progressed from a conceptual technology play to a commercial producing asset, and production growth is now the focus of the Company.
The current summer drilling program kicked-off on July 3rd, 2008 and is currently under the budgeted $350,000 tied-in cost per well, with 42 wells drilled, 25 completed, and 10 tied-in and producing to date. The Company’s production is today increasing past 2.5MMcf/d (raw) from the field with an estimated corporate production of 350 (net) BOE/D as of the day of this release. The Company expects to see strong production growth in the third and fourth quarters of this year, with the majority of wells tied-in during the fourth quarter.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose expertise and focus is on “unconventional” gas reserves from shale gas, CBM and tight gas sand reservoirs.
