The Faust Property is located just north of the prolific Swan Hills oil field and west of Black Pearl Resources Mooney Pool producing oil property and south of the Town of Slave Lake.
CaiTerra currently holds a 50% working interest in the Faust Property.
The drilling currently being undertaken is to test for the presence of the Bluesky sand oil zone which has been identified as an economic oil producing zone in the Mooney Pool producing oil property located to the east of the Faust property.
The first well will be drilled at 5-28-72-10-W5M, with a bottom-hole target of 5-29-72-10-W5M. The first well will be drilled vertically through the Bluesky and logged to determine reservoir characteristics, followed by a horizontal leg for production. At the date of this news release, the drill has reached a depth of approximately 900m.
Further information will be provided after the Company has had an opportunity to interpret the logs associated with this well. The other two well locations are expected to be at 5-28-71-10-W5M and 1-33-72-10-W5M, and are expected to be drilled following the drilling of the current well.
