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Point Loma Spuds Rex Oil Well; Aims to Complete by Year-End

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   |    Wednesday,November 28,2018

Point Loma Resources Ltd. has spud its latest Rex oil horizontal well on November 24. Salt Bush Energy is the company's JV partner on this project.

Once drilled, the well is expected to be completed and evaluated prior to year-end.

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 which has attracted the attention of other key industry operators. Recent activity by other operators in the area has resulted in highly commercial wells (250-300 boepd, 80% oil) as this large oil discovery continues to be exploited. The target zone on the Point Loma lands is thicker and has similar porosity to 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 up opportunities with success.

Q3 Production Summary

- Average daily production has increased to 977 boe/d for the third quarter of 2018, representing a 61% increase compared to the three months ended September 30, 2017.

  • Third quarter oil and NGL production has increased 72% compared to the three months ended September 30, 2017, and 33% from the second quarter of 2018, to 272 bbl/d.


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