Once pressure testing and facility construction is completed, the company anticipates that the well to be on production in late September.
The well is 100% owned by the company and will qualify for the Alberta Government’s Horizontal Oil New Well Royalty Rate of 5% for 24 months, to a maximum of 60,000 barrels.
The company has a minimum of six direct offset locations to this well and owns 7 3/4 sections of 100% working interest lands in the Redwater North Viking play.
The development of Redwater North complements Sure Energy’s development and production at Redwater South.
In total, Sure Energy has 7,495 acres of net undeveloped land on the Redwater Viking oil trend.
