PDR and IFR selling off bigtime. News was not so good.-International Frontier Resources Corp. (IFR) has participated in a hydrocarbon discovery in the central Mackenzie Valley area of Northwest Territories, Canada.
This winter's program, comprising completing and production testing the Summit Creek B-44 well and drilling the Sah Cho L-71 exploratory wildcat well, has been completed.
Production testing of the Summit Creek B-44 discovery well confirmed several productive intervals within a gross hydrocarbon column of over 600 feet. Two separate intervals were perforated and flow tested for periods of 18 hours and 39 hours, respectively. Each zone produced at rates of approximately 10 million cubic feet of gas per day and over 3,000 barrels of light volatile oil or condensate with flowing well head pressures of 900 pounds per square inch to 1,100 pounds per square inch. Combined flow rates against a one-inch choke are approximately 20 million cubic feet per day and 6,000 barrels of condensate per day. One of the zones also produced 1,000 barrels of water per day. Due to operational problems encountered, coupled with time restrictions, the operator was not able to production test two additional zones that were included in the original B-44 completion program. The zones are behind pipe and can be tested in the future should the consortium decide to test these zones.
The Sah Cho L-71 well commenced drilling on Jan. 21, 2005, and was drilled to a total depth of 12,050 feet. The well tested a separate structural closure located approximately five miles southeast of the Summit Creek B-44 well. Hydrocarbons were encountered at L-71, however, open hole testing did not establish commercial flow rates. The well was cased to a total depth of 12,050 feet and has been suspended.
The company commented saying: "Results of this winter's program are encouraging as hydrocarbons have now been encountered in two separate structures in this emerging play. To prove commerciality in this new petroleum province additional seismic, exploratory and appraisal drilling is required to evaluate other prospects identified on the consortium acreage portfolio covering approximately one million acres." International Frontier's working interest in the acreage portfolio ranges between 3.1 per cent and 10.875 per cent.
Working interest owners in the Summit Creek B-44 well are Northrock Resources (operator (NYSE: UCL), 32.5 per cent; Husky Oil Operations Ltd., 29.4775 per cent; EOG Resources Canada Inc. (NYSE: EOG), 26.3975 per cent; Pacific Rodera Energy Inc. (TSX-V: PRD), 6.625 per cent; and International Frontier Resources, 5.0 per cent. Working interest owners in the Sah Cho well are Northrock Resources (operator), 32.5 per cent; Husky Oil Operations, 32.5 per cent; EOG Resources Canada, 23.375 per cent; Pacific Rodera Energy, 6.625 per cent; and International Frontier Resources, 5.0 per cent.
The exploration program area is located about 35 miles south-southwest of the town of Tulita and 45 miles from the existing Enbridge oil pipeline and the proposed Mackenzie Valley gas pipeline route.
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