Nextraction Energy Corp. (TSXV:NE) announced that it has started drilling a third horizontal well at its Provost Viking property in Alberta with the aim of continuing its search for light oil.
As quoted in the press release:
The well is being drilled on the Company’s 50% working interest lands targeting the Viking formation at a depth of 800 meters, and will include a 600 meter horizontal leg.
As announced on July 4, 2012, the first horizontal well in the Company’s 2012 capital program flow tested 210 bbls/d of light oil over the final 24 hour test period. The well is tied into the Company’s oil battery and continues to exceed management’s initial production expectations. Daily oil production from the field has nearly tripled as a result of this well and Nextraction anticipates continued significant production and reserve growth over the coming months as it executes on its active capital program.