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Solimar Achieves Kreyenhagen Shale Inaugural Oil Shipment
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Solimar Energy Ltd. has reported an update for the Company's 100% owned Kreyenhagen shallow oil field redevelopment project in the San Joaquin Basin, California.
As a follow-up to the previous announcements of establishment of production testing, a 3,101% increase in Contingent Recoverable Resource (C2 - Best Estimate) and confirmation of a lighter oil pool, the Company has initiated long term primary production in the field and sold the first shipment of oil from the field.
The Company sold in late December 2012 the first shipment of 95 bbls of oil produced from the Temblor sandstone reservoir. After the transportation deduction, the oil was sold at USD $94 per bbl, a 4% premium to WTI crude oil prices, as a result of the local crude oil market in California that favors heavy oil…- ✓ Full news archive — U.S., Canada & international coverage
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