Yesterday, Cougar Oil and Gas Canada Inc. announced a Q1 2011 multi-well drilling program targeting the Keg River light oil play in the Trout Core area. The Company has purchased and evaluated 10.4Km(2) of high resolution Trout Core area 3D seismic data and identified five drilling targets. They will proceed with the permitting for a three well Keg River light oil drilling program.
The permitting process, including consultation, surveying, lease acquisition and licensing, will take approximately 90 days. The drilling program is scheduled for February, 2011, pending financing. The drilling program is anticipated to take a total of 30 days. It will take place on 85 percent working interest Cougar leases.
The three well drilling program was selected after an extensive review of the 3D seismic data, the regional and local geological mapping, the core data, and the well performance of the existing regional wells. The drilling program will include a new horizontal oil well, a new vertical oil well, and the deepening of an existing wellbore to access a new deeper oil formation.
Cougar Oil and Gas Canada Inc. conducted an extensive internal review of the regional producing Keg River oil wells as part of the preparation for the proposed drilling program. There were 71 producing Keg River oil wells within a four mile radius of the Company’s main production facility. From the 71 wells reviewed there has been an average of 250,000 barrels of light oil produced from each well and an average production rate of 164 barrels of oil per day per well for the first four producing months. There have only been six wells drilled in the study area within the past fifteen years, with most of the wells drilled from 1987 to 1993.
Mr. William Tighe, CEO and Chairman of the Board for Cougar Oil and Gas Canada Inc., stated, “We are very pleased to be able to kick off this multi-well drilling program. After reprocessing the high resolution 3D seismic we were able to identify five (5) drilling prospects based on (3) different play types. Three (3) of these drilling prospects will be targeted with the current drilling program and the other two (2) prospects will be included in a future program.”
Headquartered in Calgary, Alberta, Cougar Oil and Gas Canada Inc. is an oil and gas exploration and production company. The Company’s focus is on the exploration and development of Canadian based onshore oil and gas properties. Their current projects are the Trout light oil production area in north central Alberta, Lucy in the Horn River Basin in northeast British Columbia and First Nation Joint Venture and area projects located in north central Alberta.
For more information visit: www.cougaroilandgascanadainc.com
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