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Point Loma Wraps Up Duvernay Technical Review; Talks Mannville Ops

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Point Loma Energy has detailed its recent plans for drilling operations across several of its key areas.

Duvernay Oil – Technical Review

Point Loma has reviewed technical data in the area that indicates similar reservoir properties to the East Duvernay shale basin where an estimated 10 to 15 million barrels per section of original oil in place is prospective.

Point Loma’s analysis shows that the West Duvernay has a thickness of approximately 10 to 15 metres, with porosities ranging from 3 to 10% and TOC’s in the range of 2% to 10% which are parameters comparable to offsetting East and West basin Duvernay oil development.

Mannville Oil – Expanding North and South from Existing Oil Development

The Corporation’s current production is approximately 950 boepd (29% oil and NGL’s) which represents an increase of 90% in oil and NGL’s from first quarter.

The Corporation intends to add treating and injection facilities to reduce operating costs and improve the economics of future development wells. Point Loma has 4 proven undeveloped and 2 probable locations booked to the reserves in the pool. In addition to booked reserves, the Company has identified 12 additional development opportunities. The Paddle River Lower Mannville oil pool will remain a meaningful oil development project for Point Loma for years to come.

Point Loma has licensed a Lower Mannville horizontal oil well south of Paddle River. Internal analysis of existing well penetrations indicates greater pay thickness than the Corporation’s Paddle River oil development. This opportunity has pipeline connection to a deep cut gas facility in the area which will accelerate on-stream timing and future development. The potential development of this pool could be up to an additional 6-10 wells as currently mapped.

Point Loma has also identified a Glauconitic (Upper Mannville) oil prospect north of Paddle River. Internal analysis indicates an accumulation that would result in 8-12 million barrels per section of oil in place over 5-8 sections. The bypass pay opportunity has pipeline connection to a deep cut gas facility in the area which will accelerate on-stream timing and future development. The potential development of this pool could be up to an additional 20-30 wells as currently mapped.