Well #1: Nisku Formation (Upper Devonian).9 stages across ~3,000' of horizontal section were successfully stimulated, with a total of
~13,000 bbls of fluid and 745,000 pounds of sand pumped. At 55% load recovery, production rates ranged 50-200 bfpd with only traces of oil. This well has been shut in pending further assessment of reservoir properties.
Well #2: Upper Potlatch Carbonate Big Valley Zone (Bakken System).9 stages across ~2,700' of horizontal section were successfully stimulated, with a total of ~14,000 bbls of fluid and 835,000 pounds of sand pumped. At 27% load recovery, production rates ranged
60-100 bfpd with traces to 10% oil cut. This well has been shut in pending further assessment of reservoir properties.
Well #3: Basal Lodgepole Formation (Bakken System).17 stages across ~4,000' of horizontal section were successfully stimulated, with a total of ~30,000 bbls of fluid and 1.65 million pounds of sand pumped. Results from swabbing operations indicated sufficient deliverability for the well to be placed on rod pump. Production optimization is ongoing to mitigate gas interference and improve pump efficiency
Regional mapping of the associated reservoir facies in the Bakken System will be integrated with geophysical interpretations of 3D
seismic to further extrapolate the extent of the reservoirs over our lease holding.
The 60-day option period for our JV Partner to enter into Phase II of the Program has been deemed to have commenced. The Phase II program stipulates that our JV Partner has the option to spend a further US$41 million on seismic, vertical and horizontal exploration drilling to earn an additional 17.5% W.I. in the project.
About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in NW Montana and currently holds substantial land positions in both an unconventional and conventional resource oil play. The Company's mandate is to continue to acquire strategic opportunities in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to assist in the exploitation and development. To learn more about us, please visit ourwebsite at: www.primarypetroleum.com
For further information please contact:
PRIMARY PETROLEUM CORPORATION Mike Marrandino, President & CEO (403) 262-3132 mike@primarypetroleum.comFORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law. 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.
Suite 480 - 700 Fourth Avenue S.W., Calgary Alberta, Canada T2P 3J4 T: (403) 262-3132 F: (403) 262-3175 E: info@primarypetroleum.com
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