Targeting the Nisku formation, this oil-focused transaction is regarded as a natural extension of Highpine’s technical skills. Proprietary 3D seismic of over 100% of the 105 sections of land is being reprocessed and interpreted. Highpine anticipates drilling one earning well in the fourth quarter of 2008, and two additional earning wells in the first quarter of 2009.
The Wayne-Rosedale block is between the Wayne-Rosedale Nisku A Pool with 35 million barrels original-oil-in-place (OOIP) and the Swalwell Nisku A and C pools with over nine million barrels OOIP.
Highpine has also announced that its wholly owned Caroline 7-25-34-7 W5M well has been cased as a potential gas well. Lease construction has commenced on a follow-up location at 9-23-34-7 W5M for an early September 2008 spud.
Jonathan Lexier, president and CEO of Highpine, said: This is an exciting opportunity in an under-explored area that is highly prospective for light oil. Highpine has negotiated terms that make this an economically attractive project.
