Support: 888-992-3836
Copyright © 2023 InvestorsHub Inc.
Replies to post #13 on Novus Energy Inc fka NVS
sumisu
11/05/10 4:42 PM
#14 RE: sumisu #13
futrcash
11/05/10 9:01 PM
#17 RE: sumisu #13
With the solid results of its initial drilling program and comfort in the production profiles of its wells, Novus will embark on the next stage of its Viking drilling program in mid September, and will drill a minimum of 11 wells (11 net). The Company currently has 76 wells surveyed in the area, and plans an active drilling program for the balance of 2010 and 2011. Novus is currently planning the last phase of its drilling program for 2010 and will provide an update to further drilling plans later in the year. Pursuant to the successes the Company experienced on its first phase of its drilling program in the Dodsland area, Novus has determined that on the majority of its future drilling operations it will drill approximately 600 meter horizontal lateral legs using monobore technology with completion operations employing 11–15 stage energized foam fracs of 13–14 tonnes of sand per stage. Novus has drilled, cased, completed and tied-in the majority of its wells in this fashion for approximate capital costs of $975,000 per well. Based upon the production rates, recoverable reserves, and drilling and completion costs in the Dodsland area the Company has experienced to date, Novus plans on maintaining an aggressive drilling program on its current acreage, and will continue its efforts to further consolidate and expand its position within the area through acquisitions. Novus has been one of the most active operators in the Dodsland area, and with the success it has enjoyed to date, the Company plans to continually expand its already significant position in the area.