Exploration & Production | Drilling & Completions | Field Development | Deals - Licenses and Concessions | Drilling Program - Wells

Point Loma Awarded Drilling Licenses for Mannville Rex Area; Preps to Drill

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   |    Tuesday,November 20,2018

Point Loma Resources has received two well licenses for the Leduc Rex (Upper Mannville) oil play in Alberta and intends to commence a two well drilling program shortly.

The company intends to commence drilling in the next 7-10 days. Point Loma will be the operator and Salt Bush Energy will serve as its joint venture partner in the project.

Drilling Program Details

The Rex target at Wizard lake will be the first horizontal well drilled in the multi-well program and is analogous to the offsetting Leduc area Rex production.

• The target zone on the Point Loma lands is thicker and has similar porosity than the offset development. Point Loma intends to drill a 1,300 metre lateral with 30+ completion ports. Internal mapping indicates a potential pool size of approximately 40 to 60 million barrels of original oil in place (‘OOIP’). This would result in 15 to 20 follow on opportunities with success.

Lower Mannville Oil (PLX 80% WI) – Second Horizontal Targets Expansion to the South of Existing Oil Development

• The Mannville target south of Paddle River is analogous to the offsetting Paddle River Lower Mannville oil production. The target zone is thicker and has similar porosity to the existing Paddle River oil development that is operated by Point Loma. The Corporation intends to drill a 1,400 metre lateral with 30+ completion ports and multi-stage fracs planned. Internal mapping indicates a potential pool size of approximately 30 to 40 million barrels of OOIP. This would result in 10 to 12 follow-up opportunities with success.

Banff Oil (PLX 80% WI) – Advancing Additional Technical Work on Two New Pool Opportunities

• Based on recently shot 3D seismic data, the Corporation is currently conducting additional technical interpretation and analysis work on two identified Banff oil opportunities in the West Cove area with the plan to license its initial locations for drilling in 2019. As interpreted, each of these pools are analogous to developments in the offsetting Cherhill and St. Anne areas, which have accumulations of up 90 million barrels of OOIP.