American Eagle Energy Corp. (OTCQX: AMZG) has provided an operational update on its Spyglass Project in Divide County, N.D.
The company has been active on both the operated and non-operated fronts during the first part of 2013, according to the release.
The company completed three wells during January, including two infill Three Forks wells and its second Middle Bakken well within the project. American Eagle owns an average working interest of approximately 41% in each of these three wells.
The first well in this group, the Violet 3-3, was completed with a lateral length of 10,124 feet in the Three Forks zone and a 31-stage stimulation treatment. The well was put on pump and has averaged 466 barrels of oil per day over the first five days of production, which is consistent with the original wells in the area.
The other two wells, the Muzzy 15-33S and Christianson Bros 15-33N, were drilled from a common surface location with lateral lengths of 9,787 feet and 5,420 feet, respectively. Both wells have been stimulated, cleaned out and are expected to begin pumping operations later this week.
American Eagle has drilled and cased four additional wells that began stimulation operations this week. The company owns an average working interest of approximately 29% in each of these four wells.
These wells are all targeting the Three Forks zone, with two of the wells being infill locations and two of the wells developing step-out spacing units, including the first well in the company's West Spyglass Prospect area. All four of these wells are expected to commence production by the end of March, according to the release.
American Eagle has participated in 20 non-operated wells, with an average working interest of 5% in each, during the last two months. These wells, operated by Samson Resources, SM Energy Co. (NYSE: SM) and Mountainview Energy Ltd. (TSXV: MVW), are in various stages of drilling, completion and production.
The wells are a combination of Middle Bakken and Three Forks wells, many of which are included in aggressive infill programs that are being developed from multi-well pads, which are designed to increase the drilling and completion efficiency of the programs. All of these wells are projected to be placed on production by the end of March. The company estimates that these wells could increase its oil production rate by 400 barrels of oil per day, according to the release.
Based in Littleton, Colo., American Eagle Energy Corp. is engaged in the E&P of petroleum and natural gas in North America.