Atikwa Resources Inc. is pleased to announce that it has drilled and cased its first exploratory Readlyn well, at 4-19-8-26W2. As part of the exploratory operation, the well was cored through the Bakken in order to perform in-depth rock property analysis which will assist in determining appropriate completion strategies on this and future Bakken wells on the exploration blocks.
The Company has recently completed the shooting of an additional 18 miles of new 2-D seismic which intersects the recently drilled 4-19 exploration well. The new seismic lines, which are currently being interpreted, will tie the 4-19 well into potential future drilling locations in the area as part of Atikwa's rolling farm-in option commitment on the lands.
Subsequent to the rig release of the 4-19 well, the Company moved the drilling rig to a development drilling location offsetting the existing producing Roncott pool. As part of the original farm-in agreement, by drilling the 4-19 exploration well, Atikwa earned the right to drill a follow up development well off-setting the existing Roncott pool. The development well was spudded at 7-27-5-25W2, on February 16th, 2010. At the time of this release, the 7-27 well has reached the targeted Bakken formation and is currently being cored. The well is located about half a mile southwest from the nearest producing well in the Roncott field, which has produced approximately 830,000 bbls of oil to date and according to government records contains approximately 10,000,000. bbls of original oil in place. A successful vertical Bakken producer at 7-27, would set-up additional future horizontal drilling locations between the well, and the Roncott pool.
In conjunction with the drilling of the two vertical wells in Saskatchewan, the Company currently has plans to drill two horizontal wells targeting its second light oil resource opportunity, which is in Manitoba. One well will target the Spearfish formation, and the other well will target the Alida formation. Both horizontal wells are expected to spud in early March.
Source: TradingMarkets.com Press Release