Tuscany Confirms Step Out Oil Discovery at Macklin
September 12, 2014 (Source: Marketwired) — Tuscany Energy Ltd. (TSX VENTURE:TUS) is pleased to announce that a step out vertical well drilled for water disposal purposes at the Company’s 100% working interest Macklin property encountered nine metres of Dina oil pay.
The 7-33-39-28W3 well was drilled to 1,011 metres as a potential Duperow water disposal well, and was located to also test a potential extension of the adjacent Dina oil field currently being developed by Tuscany. Approximately 9 metres of 33% porous sand was encountered in the Dina, with log characteristics identical to presently producing wells in the field.
The well will be completed as a disposal well within the next month, enabling Tuscany to significantly increase its water handling capacity which will increase its oil production and allow the Company to connect three currently shut-in wells.
The significance of the Dina oil pay in the new well is that it could establish up to 14 additional un-booked development locations for horizontal drilling in the Dina and expand the Macklin pool to the north, all on Tuscany controlled 100% working interest lands.
Finally, Tuscany has completed its previously announced program, drilling five horizontal heavy oil wells. Three of the wells are on production and the final two will be placed on stream next week. The Company will update the market with estimated flow rates on the wells when they have been adequately tested.
ADVISORY: This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “potential”, “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “could”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements’ pertaining to Tuscany’s drilling plans and plan to connect wells. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such planned drilling and connection of wells involves known and unknown risks, uncertainties and other factors that may cause actual plans to differ materially from those anticipated.
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Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Where amounts are expressed on a barrel of oil equivalent (BOE) basis, natural gas volumes have been converted to barrels of oil on the basis of six thousand cubic feet (mcf) per barrel (bbl). BOE figures may be misleading, particularly if used in isolation. A BOE conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf : 1 bbl, using a conversion on a 6 mcf : 1 bbl basis may be misleading as an indication of value. References to oil in this discussion include crude oil and natural gas liquids (NGLs).
NEITHER THE 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>