Kallisto Energy, a resource company engaged in the exploration and production of oil and natural gas in Alberta, has started spudding of its second Crossfield well.
The well, located at 08-20-028-01 W5, is a horizontal well targeting the Viking formation.
Kallisto has a 50% interest in this well, which is expected to be completed with multi-stage fracture stimulations.
The company has also closed the Crossfield property acquisition announced in September 2010.
Following the exercise of rights of first refusal held by certain working interest owners, Kallisto acquired approximately 3.6 net sections of Viking rights and four Elkton gas wells with estimated net reserves of 124mboe.
Upon closing of this acquisition, Kallisto’s land position at Crossfield is more than 30 net sections that are prospective for Viking horizontal oil development.
The company owns an additional 98 net sections of P&NG rights at Crossfield in zones other than the Viking.