|Tue Nov 27, 2001|
Farrow Well Successful
| ||Vancouver, B.C. - Further to our announcement on October 31st, 2001, the Company is pleased to report the successful completion of the Farrow Well located 70 miles south-east of Calgary, Alberta. The well was subject to a water/sand stimulation, which resulted in an excellent response from the Glauconite formation, and is now yielding an economic production rate. Pumping rods and a pump-jack have been installed on the Farrow Well to bring the sweet crude to the surface. Production rates are not available at this time, however, the well has produced over 80 barrels of oil during the swabbing process, and an additional 90 barrels of oil during the last few days as the pump-jack was started. The pump-jack and gathering system are currently shut down and undergoing insulation to address the extremely cold temperatures expected this winter. |
The full size of the reservoir is also unknown at this time, although a neighboring well, producing from the same Glauconite formation, has produced over 55,000 barrels of oil in the past six years, and is maintaining a steady production rate with little decline. The company's consulting geologist believes that oil in place for this well, based on 40 acre spacing should be in the 500,000-barrel range, with recoverable oil of at least 55,000 barrels. The company and its partners have seven more spacing units on this property in which to drill, and all further spacing units are on trend with this Glaconite channel, as determined by 3D seismic which the company and its partners purchased for this property.
With the completion of the Farrow Well, the Company now has four separate producing wells in different oilfields providing a steady flow of income to fund further drilling on the numerous oil & gas properties in its inventory. The Company is continuing to negotiate with SJK Equity Ltd., on an investor relations program, that was previously announced, and will report on this proposed contract when able. For further information please call (604) 689-2454 or visit our web site at www.mountdakota.com.
On behalf of the Board
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release
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