The 100% owned Strathmore property, located southeast of Calgary, contained approximately 20 million barrels of original oil in place (OOIP) and has produced nearly five million barrels to date.
The company said that fluid compatibility tests, core flood analysis and reservoir simulation work suggest that substantial amounts of additional oil can be recovered by means of a properly designed and implemented EOR program.
Terrex’s Strathmore property contains light oil, which has seen little application of chemical floods in Canada, although this process is well developed in the US and elsewhere.
In addition to EOR potential, these projects would also offer improved oil recovery opportunities, such as horizontal well drilling, water flooding and other optimization processes
Terrex’s objective is to grow its reserves to more than 50 million barrels in the next five years, and production to 8,000 barrels of oil per day over the same period.
