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Canadian Overseas Petroleum Ltd - Calgary-based oil and gas company with operations focused in Wyoming, US - Says oil production is increasing due in part to resumption of optimisation programme after disruptions caused by severe winter weather, which reduced sales in the fourth quarter. Average gross production increased 14% to 1,330 barrels of oil per day in May from 1,170 barrels in April. Meanwhile conversions of three Barron Flats Shannon Unit flowing wells to pumping-flowing wells have been completed. The first was converted in April with production more than doubled to 190 barrels per day in May up from 90 barrels pre-conversion. The second well is not yet stable but is producing above pre-conversion levels. The company is planning paraffin treatment schedules to rectify this. Production on the third well resumed on May 31. Canadian Overseas also says the initial phase of the second Cole Creek Unit re-completion for frontier one oil production has been completed, with oil inflow observed upon perforation.
Chief Executive Officer Arthur Millholland says: "The company is progressing on all fronts...We are pleased with the progress on the construction of our gas gathering system upgrades and are fortunate to have been able to acquire the necessary high-pressure production equipment we require here in Alberta, avoiding supply chain and long lead times in the United States. The results from our first well conversion have so far exceeded our expectations."
Current stock price: 4.50 pence
12-month change: down 80%
By Emma Curzon, Alliance News reporter
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