The Wiser Oil Company announced the results of several wells located in its Canadian operations in Alberta, Canada.
The company completed and tested two drilled wells, the 12-21 and 8-29, and re-completed the 2-32 well. All of these wells are in township 57-24W5 in the Wild River Prospect Area. The most recent wells were drilled to approximately 9,800 feet and all three wells encountered one or more pay zones. The gross combined test rate of these wells was approximately 15 million cubic feet of natural gas per day. Wiser is the operator of the Wild River Prospect Area, owning a 50% working interest. At the present time pipelines and a new compression facility are being installed to accommodate these tested rates. First production is anticipated in August.
George K. Hickox, Jr., Chairman and Chief Executive Officer, said: "The recent developments at our Wild River Prospect are very exciting for the Company. Based on the expected performance of these wells during the remainder of 2002, Wiser plans to initiate a multiple well development program in the first half of 2003. This will allow Wiser and our partner to begin exploiting our joint acreage position of more than 18,000 acres. The Wild River Prospect Area will have a significant and positive production impact going into the fourth quarter of this year. We expect to have the ability to generate substantial production growth from the area during 2003 and beyond."