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News Paleo Resources Conducts 72 Hour Production Test on Joffre D-3 B Pool Well
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October 22, 2019 17:30 ET | Source: Paleo Resources, Inc.
CALGARY, Alberta, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Paleo Resources, Inc. (“Paleo” or the “Corporation”) (TSX-V: PRE, OTCQB: PRIEF) is pleased to announce that it has completed a formal 72 hour well test on its 103/09-22-039-26W4M/0 well (the “9-22 Well”) in the Joffre D-3 B Pool in Alberta, Canada.

The 9-22 Well was perforated in the top four meters of the Leduc formation, from 2,163 m to 2,167 m measured depth. During the 72 hour test, the 9-22 Well flowed naturally, without artificial lift, averaging 231.27 barrels oil per day, 462.63 mcf gas per day, and 63.07 barrels water per day over the three day period.

The successful 9-22 well has established the current water contact in the Leduc D-3 B Pool reservoir and confirmed the remaining thickness of the oil column, both by electric log and now positive production testing. Accordingly, Paleo has determined that two suspended wells it operates in the Leduc D-3 B Pool are recompletion candidates as both wells penetrated the remaining oil column, but were previously perforated below the current residual 12.36 meter (40.5 feet) oil column.

Paleo is working with its regulatory consultants on plans to permit and install expanded sour service production facilities capable of handling the oil and gas rates expected from these wells. Paleo will provide operational updates as additional information becomes available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Paleo Resources, Inc. is an oil and natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in Houston, Texas.

For further information please contact:

Thomas M. Crain, Jr.
President
Email: [e-mail]

Paleo Resources, Inc.
1980 Post Oak Blvd., Suite 1500
Houston, Texas 77056
Telephone: [phone]