Tuesday, January 4, 2011

Forest Oil Corp. (FSP)- Granite Wash Update

By Andrea: http://oilshalegas.com

Forest Oil Corp. (FSP) drilled and completed seven Granite Wash wells in the third quarter of 2010 that had an average 24-hour initial production rate of 27 MMcfe/d.

The results from the seven wells in the third quarter bring Forest's average 24-hour initial production rate from its horizontal Granite Wash program to 28 MMcfe/d. The program continues to expand the play both geographically, further north into Hemphill County, Texas, and geologically, with completions in two Granite Wash zones and one Atoka zone during the quarter.

Forest successfully tested an operated well with a 24-hour initial production rate of 16 MMcfe/d in its Canadian Southeast acreage in Hemphill County. Over 1,000 Bbls/d of this equivalent rate was attributable to condensate and NGLs. In addition, Forest participated with a non-operated working interest in a well in Canadian Southeast that had a 24-hour initial production rate of 15 MMcfe/d, including a sizable liquids component. Each of these wells confirmed the existence of highly productive, liquids-rich pay intervals in Forest's Canadian Southeast acreage. Drilling and completion costs associated with wells in this acreage position are expected to be less than wells in Wheeler County due to shallower depths. These wells are expected to open Forest's Canadian Southeast acreage to expanded exploitation efforts using horizontal drilling.

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