Completion and testing of the 16-34 well is expected to occur over the next several weeks. Drilling operations on third well of the program, located at 6-33-47-3 W5M, are underway.
These horizontal wells are being drilled to test the Cardium formation; the 6-4 well being completed with 11 multistage fracture stimulations. A similar completion program has been successful in wells drilled in the Cardium formation on lands on trend to Arrow Energy’s property. The company will initially have a 16.6% working interest in these wells and potentially up to a 25% working interest in the pool development. The number of wells and timing of the development of Arrow Energy’s Pembina lands will depend on the success of the three wells, the price of oil and participation of partners. These wells qualify for both the Alberta Drilling Royalty Credit and New Well Royalty Reduction programs.
