It has been about 45 days since the update below. Should hear something soon. The company is pretty good about giving operational updates.
Have bought and sold this one for years. I am surprised with all of their drilling success, that they are not trading higher. The current price is a good buy in my opinion.
CALGARY, March 14, 2011- Arsenal Energy Inc. (TSX: AEI) (PNK: AEYIF.PK)
At Stanley, North Dakota, the EOG operated Burke 31-20 (31% WI) Bakken well has been completed and placed on production. The well flowed tested at 792 bbls/d of oil. The Arsenal operated Brenlee 100-19H (73% WI) and the Fidelity operated Krables 22-15H (3% WI) Bakken wells have reached total depth. Both wells encountered good shows while drilling. Arsenal, as operator, has spud the Amy Elizabeth (62% WI) two mile horizontal Bakken location. Subject to frac crew availability, all three wells will be completed and placed on production in June. Arsenal anticipates participating in 8 gross (4.1 net) wells at Stanley in 2011.
At Evi, in Northern Alberta, Arsenal has drilled 5 gross (3.5 net) oil wells. The program added 185 bbls/d of net production with another net 100 bbls/d that should be on production by the end of March.
At Princess, in Southeast Alberta, Arsenal drilled three successful Detrital wells. Two of the wells are on production totaling 80 boe/d. The third well is awaiting tie in. Arsenal now has three wells on production with high fluid levels and three additional wells behind pipe. Arsenal plans to construct battery upgrades in June and to then install high volume lift and tie in the additional wells. The Glauconitic zone was cored in one of the drills. The core confirmed the presence of a 12 meter oil saturated channel sandstone with average porosity of 16% and permeability of 0.7 millidarcies. Arsenal intends to drill a horizontal multi stage frac test well in the summer of 2011. From 3D seismic Arsenal has identified 6 miles of channeling on its acreage. Through the winter Arsenal purchased 9 sections of additional land to bring the total land position at Princess to 8600 net acres.
At Edgerton, in Southeast Alberta, Arsenal has completed the acquisition of 16 square miles of 3D seismic. After interpretation, it is anticipated that Arsenal will select and drill a horizontal well into the Leduc formation. Offsetting operators have initial production rates of 100 bbls/d of oil with reserves > 100,000 bbls/well. Arsenal has accumulated 3800 net acres of land in the Edgerton area
Anything this poster says, should be taken with a grain of salt.
Followed by a shot of tequila and a squeeze of lime. IMHO
