The well is located on Section 6-50-26-W3M, and since being placed on production, it has produced at an average rate of 50bbls/d of heavy oil.
Arctic Hunter had signed a sub-participation agreement with Alberta Star Development Corp, and under this deal, the company agreed to participate with Alberta Star in the drilling of this test well.
Alberta Star holds a 50% working interest in the new well and Arctic Hunter must pay 50% of Alberta Star’s share of the costs to drill, complete and equip the test well to earn a 25% working interest (being 50% of Alberta Star’s pre-participation 50% working interest) in the well.
Arctic Hunter is engaged in the acquisition, exploration and development of oil and gas properties in western Canada and North America.
