Alberta Clipper Energy Inc (C-ACN) - News Release
Alberta Clipper tests light oil discovery in Alberta
2007-03-05 16:59 ET - News Release
Shares issued 40,869,119
ACN Close 2007-03-05 C$ 4.37
Mr. Kel Johnston reports
ALBERTA CLIPPER ENERGY INC. (ACN - TSX) ANNOUNCES A NEW LIGHT OIL DISCOVERY IN THE SYLVAN LAKE AREA OF ALBERTA
Alberta Clipper Energy Inc. has recently tested a new significant light oil discovery in the Sylvan Lake area of Alberta. This latest discovery brings the total number of new Leduc pools discovered by the company in this area to five, with a further well undergoing completion operations.
Details on the 11-35-38-4W5 discovery well are as follows. The well encountered approximately 52 feet of net pay, averaging 8-per-cent porosity, from the Leduc formation. During the 48-hour testing period, the well flowed at an average rate of 900 barrels of oil equivalent per day. Alberta Clipper operates the well and holds a 50-per-cent working interest in the new pool. At a recent land sale, Alberta Clipper was successful in acquiring the section directly offsetting the 11-35 discovery well. The company has identified two further Leduc locations on the newly acquired acreage, where it holds a 50-per-cent working interest. All new discoveries in the Sylvan Lake area are subject to a maximum rate limitation (MRL) as determined by the Alberta Energy and Utilities Board upon commencement of production.
Alberta Clipper's contracted service rig has now moved from the 7-5-38-4W5 location where it has completed downhole mechanical repairs and is currently carrying out completion operations on the Upper Leduc zone in the 6-15-37-5W5 well, where the company holds a 100-per-cent working interest. Alberta Clipper now has an opportunity inventory of 22 Leduc exploration prospects in the greater Sylvan Lake area, all of which are defined on three-dimensional seismic.
We seek Safe Harbor.
AI
