Zargon Oil & Gas Ltd. provides 2012 third quarter results
Thursday, Nov 08, 2012
Zargon Oil & Gas Ltd. ("Zargon" or the "Company") (TSX:ZAR) (TSX:ZAR.DB).
Field activities were limited to workovers and turnarounds for most of the third quarter. Starting in mid-September, Zargon began its fall drilling program at Bellshill Lake with the drilling of 2.0 net oil wells and 1.0 net water disposal well. For the year, Zargon has drilled 12.8 net oil wells and is planning on drilling an additional 15 net wells in the 2012 fourth quarter. This program will entail a Hamilton Lake water disposal well and oil exploitation horizontal locations at Bellshill Lake (three additional), Hamilton Lake (three), Taber South (three) and Williston Basin (five). Each of these locations target increased oil recoveries from existing oil pools. In aggregate, Zargon has identified more than 130 horizontal locations in six conventional (non-ASP) oil exploitation projects, which will provide a high-graded drilling inventory for many years. Each of these six oil exploitation projects are (or will be) pressure supported by water injections or natural reservoir aquifers and consequently provide long-life low-decline oil volumes that will support future dividends.
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