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![]() | Enhanced Oil Resources Inc. Provides Drilling Update. COMPLETES FIRST LATERAL GRANITE WASH WELL HOUSTON, April 2 - Enhanced Oil Resources, Inc. (TSX-V: EOR) today announces the successful test of 2 additional Granite Wash wells at the Company's St. Johns Helium/CO(2) field located in Apache County, Arizona and Catron County, New Mexico. Further to our last drilling update of March 4th, 2008 the Company has now successfully drilled and completed a 1,000 ft lateral within the Granite Wash interval at the 12-34-29X well. As previously reported, the Company had been drilling the 12-34-29X vertical well to evaluate the Granite Wash interval in the northwest end of the field. The well reached a total depth of 2,101ft on March 17, 2008 with only modest CO(2) gas shows recorded while drilling. These gas shows and limited drilling breaks while drilling indicated that the Granite Wash interval is less developed in the far north west of the field than elsewhere in the field. The vertical well was subsequently tested at a rate of 250,000 cubic feet per day. A decision was then made to drill at 1,000 ft lateral within the Granite Wash to determine the potential for increasing this rate through horizontal drilling. During drilling of the lateral the well was tested at various times and flowed gas at rates as high as 2.2 million cubic feet per day (mmcfpd), indicating that horizontal drilling can substantially increase flow rates in this part of the field. The well is currently producing at a stabilized rate of approximately 1 mmcfpd and is still producing induced water as a result of misting the formation while drilling. The Company expects that the well will clean up over the next few days and final rates will be provided at that time. The Company is also pleased to report that the 10-29-31 well has also been drilled and completed as a Granite Wash producer after testing CO(2) at a stabilized rate of 1.4 mmcfpd. The well was originally planned as a large diameter completion, however shallow hole conditions at this location required an additional casing string be set, resulting in a 4 3/4 inch hole through the Granite Wash. The Company believes the Granite Wash flow rate can be improved in adjacent wells by completing the well with a similar casing program used in the 10-2-30 well located approximately 5 miles to the northwest. The Company also reports that the Patterson rig has completed drilling of the 12-31-30 well, located approximately 3 miles east of the 12-34-29X and encountered a similar Granite Wash interval seen in that well. The Key completion rig has now moved on location and is preparing to sidetrack out of the casing at the top of the Granite Wash to drill a 1,000 ft lateral. The Patterson Rig has now moved to the 10-5-30 well to evaluate the Granite Wash at a location approximately 3 miles to the west of the 10-2-30 well that recently tested CO(2) at rates as high as 6 mmcfpd. The 10-5-30 well will be drilled with large diameter casing in order to attempt to repeat the excellent results at the 10-2-30 well. In addition the Company is rigging up on two additional Granite Wash locations and has permitted a further 5 Granite Wash wells for drilling later in this program and we will provide results of these wells as they are drilled. EOR Inc.'s President and CEO Mr. Barry Lasker reports "The Company is very pleased with the latest results from the 12-34-29X Granite Wash lateral well. This is a significant operational success for St. Johns. The increase in production from the original vertical well to the lateral well has increased our confidence that a substantial area in the far north west of the field can be produced at commercial rates with the use of horizontal drilling. The results also confirm that we are on the right track to improving the well performance by horizontal drilling within areas outside the reservoir sweet-spot and by using a bigger casing design in areas that are better developed." About Enhanced Oil Resources Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on developing the St. Johns Helium/CO(2) field, and producing oil via enhanced oil recovery processes using CO(2) injection in the United States. The Company owns and operates the St. Johns Field, the largest undeveloped CO(2) and helium field in North America. Barry D Lasker, CEO For further information: visit our Website at Enhanced Oil Resources Inc.. Retail investors please call Don Currie on 1-888-990-3551. Institutional investors please call Stephanie Feldman of EnerCom, Inc. at (303) 296-8834.
__________________ Information brought to you courtesy of ActionCapitalGroupe.com Sebastien Durand La Centrale Small Caps en Francais Action Capital Groupe |
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