CALGARY, Alberta, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Nextraction Energy Corp. (TSXV:NE) (the "Company" or "Nextraction") is pleased to announce that the Company has successfully fracture stimulated the 102/12-36-036-07W4 ("12-36") horizontal well on its light oil property in Provost, Alberta. The well was drilled into the Viking formation at a depth of 800 meters with a horizontal leg of 570 meters. The well was fractured stimulated in 13 stages with 10 tonnes of sand per stage. The well was flowed back on clean up to recover the frack fluid and immediately began producing light oil. The well is currently shut-in to install surface facilities and pumping equipment to place the well into continuous production.
Despite harsh winter conditions during execution of the project, field costs have been estimated at $1.15 million to drill and complete the well, which is approximately 33% lower than previous wells drilled on Nextraction's property and in line with major Viking operators in the area. As disclosed previously, Nextraction is the operator of the 12-36 well and has a 100% working interest in the well until payout.
Company President Kent Edney states, "We are very pleased with the successful completion of the 12-36 well and the execution of the project by the Nextraction team. The significant reduction in costs from previous drilling programs is an important milestone for the Company and a step change in the economics of Nextraction's wells in the field. Production from the 12-36 well is anticipated to commence on March 1, 2014 and results will be announced as they become available."
|Kent Edney, P.Eng.||Scott Badcock, CA|
|Phone: (403) 514-2373||Phone: (403) 514-2399|
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