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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Primera Energy Resources Ltd. | TSXV:PTT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Primera Energy Resources Ltd. (PERL or the "Corporation") (TSX VENTURE:PTT) is pleased to provide the following corporate update. Optimal Block WD-4 As announced earlier, PERL plans to drill up to four sidetrack redrill wells on the block during this phase of the current drilling campaign. PS266RD, the first of these wells, was drilled to a total depth of 5,450' and encountered 270' of net pay in the Upper and Lower Forest Formations. Production casing was set at 5,440' and a service rig is being mobilized to complete the well, initially in 129' of Lower Forest sands. Production results will be provided as soon as they become available. PS 111RD, the second well on the program, was spudded on September 29, 2011 and is currently drilling ahead at 6,600'. The well will be targeting the under-exploited Cruse formation and will be drilled to a total depth of 6,900'. Work is continuing on location preparation for the third and fourth wells in the program, PS 111RD which shall target the under-exploited cruse formation, and an infill/replacement well to PS 125. About PERL PERL is a TSX Venture Exchange listed issuer which currently produces approximately 400 barrels of oil per day pursuant to a lease operatorship agreement in South Central Trinidad and has a 16.2% entitlement to the Cory Moruga 'E' Block. READER ADVISORY Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the issuer. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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