The well will be targeting the McLaren formation, which the company is currently producing from three heavy oil wells located on nearby Section 6-50-25 W3M in the Landrose.
Subject to the successful completion of the well, the company expects to place the well on production by 15 December 2010, with an anticipated production rate of 70bbls/d (35bbls/d net to the company).
Drilling and completion costs are expected to be approximately $380,000 ($190,000 net to the company).
In addition, the company has made application to reduce spacing on its property, which will result in six new drilling locations in the Lloydminster area of Alberta.
Upon licensing approval, the company intends to include the additional wells in its 2011 drilling program.
