NuLoch Resources, Inc., based in Calgary, Alberta, announced today that it has increased its participation in oil drilling activity in Divide County. The company stated in its Q3 2009 interim report that its first participation well averaged 300 barrels per day over 30 producing days.
Since then, two additional wells have averaged 190 barrels per day and 460 barrels per day respectively over 30 production days. A fourth well has been fracture stimulated and is flowing back while two additional wells await completion. A seventh well is currently drilling. NuLoch holds a 10% working interest in all of these wells.
NuLoch plans to add a second rig to its Divide County project in February 2010. The company expects to participate in up to 24 horizontal wells targeting oil reserves in the Middle Bakken and Sanish Three Forks formations during the year. Several of these wells are expected to be 2 miles long with 28 fracture stage completions.
The company also announced that it has agreed to acquire production and undeveloped land in Burke County for $3.1 million and expects to close the transaction this month. The acquisition increases NuLoch's net undeveloped land position in the Bakken and Sanish Three Forks area to 64,000 acres with 33,000 of these in Saskatchewan and 31,000 in North Dakota.
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