Wyn Developments completes Prophet River well
2007-01-26 18:01 ET - News Release
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WL Close 2007-01-25 C$ 0.38
Mr. David McMillan reports
WYN DEVELOPMENTS COMPLETES THE PROPHET RIVER d-60-E/94-G-15 EXPLORATORY WELL
Wyn Developments Inc.'s Prophet River d-60-E/94-G-15 exploratory well has been successfully completed.
After perforating and coiled acid wash, the Mississippian reservoir yielded an initial unstabilized gas flow of up to 7,943,000 cubic feet per day. Pressure recorders are currently in the wellbore to determine pressure build-up, while the well is shut in, and provide insight into the scale of this new Mississippian discovery. The pressures and gas returns, coupled with known seismic and geological data suggest likely communication between d-60-E and the d-19-E Dome well (flow tested nine million cubic feet per day) five kilometres to the southeast as well as the Unocal-Suncor d-65-L (flow tested 10,779,000 cubic feet per day) approximately 24 kilometres to the south of d-60-E. The seismic data also suggest this gas-charged reservoir extends to the northwest.
In addition, excellent gas detection also occurred in the Triassic halfway formation as the well encountered 30 metres of prospective pay. The gas shows, log analysis and seismic data suggest this Triassic halfway formation extends northwest and southeast toward the c-97-D Amoco well (three million cubic feet per day), approximately seven kilometres from the d-60-E well.
This well control with seismic interpretation suggests the company could drill an additional four Mississippian and four Triassic halfway development wells on the 11-square-mile Prophet River A lands, in which Wyn has earned its 21-2/3-per-cent interest.
The company also has an option to drill a well on the Prophet River B lands by committing 33-1/3 per cent of the costs to earn a 21-2/3-per-cent interest in 10 square miles of land to the total depth drilled. The B lands drilling decision deadline has been extended until March 30, 2007, with the spudding deadline extended until March 30, 2008. Well control with seismic interpretation suggests the company could drill an additional three Mississippian and three Triassic development wells on the 10-square-mile Prophet River B lands.
This equates to a potential of seven additional Mississippian and seven additional Triassic halfway development wells across the 21-square-mile Prophet River lands.
The company has concluded this Mississippian and Triassic formation development is the appropriate direction for the Prophet River lands which includes the potential to dual produce from these zones. The company intends to apply for several Mississippian drilling permits and commence a Prophet River development program this summer. With success, production infrastructure could be in place on the Prophet River lands in early 2008.
Thomas W. Bainbridge, PGeol, is the qualified consultant for the company's natural gas projects and has reviewed and verified the contents of this news release.
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