The Portage 3-12-82-26 well was drilled horizontally in the Upper Montney formation with a horizontal displacement of 1,750m and a measured lateral length of 1,862m within the Montney formation.
The company’s first horizontal Montney well, c-20-e, had a 1,000m horizontal displacement.
The company has 42 net sections of Montney rights in northeast British Columbia, representing 168 potential net Montney drilling locations.
Canada Energy owns a 50% interest in the Peace River gas plant and connection to the Spectra Energy sales pipeline that will be available to bring this Montney gas to market.
The company is carried by its joint venture (JV) partner through the next approximately $8m of joint exploration expenditures, and will have a 50% working interest in the deep rights at Peace River upon the JV partner completion of its earn-in obligations.
