Exploration & Production | Production Rates | Forecast - Production | Drilling Program
3MV Energy Corp. Completes Phase 1 Sask. Drilling
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3MV Energy Corp. has announced that the Phase I drilling program in its core area of Fiske, Saskatchewan has been completed resulting in 100% success of six new producing oil wells.
The Fiske prospect is an area defined by 3MV and is approximately 12 miles south west of Rosetown, Saskatchewan. 3MV continues to maintain a fifty per cent working interest in excess of 50 contiguous sections.
Phase II Fiske drilling is currently underway with 7 of the 10 planned wells drilled and in various stages of completion and equipping. The Company anticipates exiting the year with approximately eight hundred barrels of oil per day (400 b/d net) from the Fiske property with fifteen new oil wells (7.5 net) brought on stream during Q4 2014. During the current period of lower commodity pricing, these wells will sustain profitability due to the reservoir being shallow with high oil content and negligible gas or water, low lifting costs, and low royalties.
The Phase III Fiske exploitive drilling program is scheduled for Q2 2015 and will include twenty (10 net) additional oil wells. This program is in varying stages of planning, licensing, surveying and site preparation.
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