RE: Reassuring and leading to the re-rate4 Nov 2021 15:40
All the below coming within Q3 remit.
Operating Highlights at August 31, 2021 from the August 17, 2021 Update
• COPL’s Wyoming assets continue to perform significantly ahead of expectation
o Current Oil Production at August 31st is 2,720 bbl./d (gross), 1,604
bbl./d (net) a 24% increase from the operations update on August 17th,
and an increase of 123% from 1,220bbl/d (gross), 706 bbl./d (net) at
April 1st
o Successful recompletion of the 3rd marginal/shut-in oil well of 12 at
Cole Creek
o Oil discovery at the 100% working interest Barron Flats Federal Unit
(Deep) exploratory well expected to open new field developments. Six
(6) oil bearing sands totalling 246’ (net porous sand)/282’ (gross sand)
intersected. Production casing is currently being set to total depth of
9,220’.
• Strong outlook for COPL year end
o Oil production at the Barron Flats Shannon Unit will continue to
increase due to strong gas injection response
o Oil production at the Cole Creek Unit will continue to increase through
the recompletion of marginal and shut-in wells
o Barron Flats Federal (Deep) 100% oil discovery to be tested through
casing. The testing program will lead to initial production and define a
further exploration/appraisal and an exploitation strategy for the
targeted reservoirs
• Reviewing other value enhancing asset acquisitions in Wyoming