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Alberta Oilsands flow tests Hamburg well at 19 mmcf/d

2009-03-23 10:03 ET - News Release

Mr. Shabir Premji reports


Alberta Oilsands Inc. has successfully completed a significant Slave Point exploration discovery well at the Hamburg 13-29-095-12W6M location, in the Chinchaga/Ladyfern area of northwest Alberta. This well is a part of the farm-in agreement AOS announced on January 28, 2009.

AOS has a 50% working interest in the well which was spudded on February 16th and was flow tested between March 18th and 19th at various flow rates for deliverability potential. The final flow rate at the end of the test was 539 10(3)m(3) or 19 MMcf/d gross (1583 boe/d net), at a flowing tubing pressure of 8592 kPag or 1246 psig. The operator limited the extent of the atmospheric test, however, further testing will be carried out in the pipeline starting April 1, 2009 where all produced gas will be conserved and sold. AOS expects this further testing will provide more definitive results as to the well's significant productive capability. The cumulative gas produced during the flow test was 154 10(3)m(3) or 5.4MMcf. The new production will be tied-in about one kilometer from the well site and will flow to the local gathering system to be processed at the Chinchaga area gas plant.The well was drilled to a total depth of 2,649 meters and with the successful perforation and completion of the well, AOS earned a minimum 50% working interest in the well and in a total of 11 sections or 7,040 acres of land in the immediate area. There are at least two other locations with similar 3-D seismic character within the earned lands that can be drilled to expand this new discovery. The 13-29-095-12W6M well is the first well of a 4 to 6 well 2009 exploration program that is targeting drill ready, large liquids rich natural gas pools.The recent Alberta new well royalty reduction announced by the Alberta Government on March 3, 2009 is expected to enhance the attractive economics of the well as the paid royalty on the well will be capped at 5% for the first 12 months of production, up to a maximum of 500 million cubic feet of natural gas. The recently announced drilling credit also announced by the Alberta Government is expected to improve risk adjusted returns on the 2009 exploration program.The Chinchaga/Ladyfern field is located approximately 245 km northwest of the City of Grand Prairie, Alberta and is characterized as an area with high rate production, large reserves and low water production from the Slave Point formation. The 13-29 well is amidst other significant Slave point producers and is in proximity to the prolific Ladyfern Field that is located on the Alberta-British Columbia border.Further flow and pressure build-up results will follow as the data is received.

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