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Strategic Oil and Gas Planning 6 Muskeg Wells in 4Q 2014
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Strategic Oil & Gas Ltd. has announced an acceleration to its Muskeg development program and the completion of a U.S. $10 million loan from Bay Resources Partner's Funds and Tom Claugus.
Strategic has drilled four Muskeg wells during the third quarter and is planning to drill six more Muskeg wells during the fourth quarter of 2014, exiting the year at 4,600 boe/d.
Production rates are exceeding the Company's type curve and field netbacks in Marlowe are currently over $40/boe.
Muskeg Well 11-24 drilled in Q3 2014 has produced 23,000 boe in 45 days at a rate of 511 boe/d.
For comparison, Muskeg well 10-24 drilled in Q1 2014 produced 23,600 boe during the first 45 days and has now produced 54,500 boe in 130 days at an average rate of 419 boe/d.
The remaining three wells drilled in the third…
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