Spartan has a 100% working interest in all three wells. The first well was completed utilizing a multi-stage oil based fracturing technique. The well flowed at an average rate of 1,573 barrels of oil per day (bbl/d) and recovered 100% of the frac fluid over the clean up period.
Following recovery of the frac fluid, the well was flowing at an average rate of 1,944bbl/d of light 38 degree Cardium oil and 2.56 million cubic feet per day (mmcf/d) of solution gas for four hours, following which it was shut in for equipping. The well is expected to be on production by mid June at the rate (on pump) of approximately 300 bbl/d (oil). The second horizontal well is set to be completed shortly.
Spartan has access to over 17 (14 net) sections in the Pembina area (owned and farmin). Spartan does not currently have any horizontal Cardium locations booked in its year end December 31, 2009 independent engineering report. Spartan’s current production base (excluding the new well) is approximately 400boe/d.
Spartan, based in Calgary, Alberta, has been engaged in the business of acquiring crude oil and natural gas properties and exploring, developing and producing oil and natural gas in western Canada since mid 2008.
