Global Leader in International Oil and Gas Industry News

posted in:

Petromin's Morningside oil prospect now on production

Friday, Nov 09, 2012

VANCOUVER, Nov. 8, 2012 /CNW/ - Petromin Resources Ltd (the "Company") is pleased to announce that it has completed construction of the battery facility at the Company's Morningside discovery well (15-23-42-28W4M). The well has now been placed on production with all equipment being powered by casing head gas.

Rates of production will be announced when stabilized. Water cut is minimal. Based on the response, additional offset wells are being proposed, and can now be directionally drilled from the current surface lease containing gas pipeline and battery facility.

Morningside is a multi-zone prospect with additional targets in the Basal Quarts ( Ellerslie) formation and bypassed gas targets in the Glauconitic, Ostracod, Belly River and coalbed Methane (CBM) formations.

Petromin farmed out the drilling of its' 50% working interest at no cost to the Company whereby the Company retains a gross overriding royalty before payout , convertible to a 25% working interest after payout.

The Company retains a 50% working interest in the undrilled acreage and
anticipates further development shortly.

About Petromin Resources Ltd.

Petromin is progressive international petroleum and natural gas exploration and production Company listed Tier 1 on the TSX Venture Exchange. Petromin was ranked 24th of the Top 100 Fastest Growing Companies in BC by Business in Vancouver in 2009 based on a 704% revenue increase over the previous 4 years.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Petromin Resources Ltd.

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

OMVS explores adding oil & gas transportation services 16-04-2014
Octagon 88 Resources announces Red Earth light oil project update 16-04-2014
Dejour sees 60% increase in net production at Woodrush 16-04-2014
Silver Fox labels exhibit excellent results in latest long-term UV tests 16-04-2014
Integrated Oceaneering team combines technologies for Australian success 16-04-2014
SoCalGas Unveils Branded, Public-Access Compressed Natural Gas Refueling Station 16-04-2014
First Liquified Natural Gas Tank Rolls Off Assembly Line 16-04-2014
Barryroe farm out update 16-04-2014
Gastar Exploration Resumes Unrestricted Marcellus Shale Production 16-04-2014
Contract award 16-04-2014