Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) reported results from its liquids-rich Marcellus shale gas properties, located in Wetzel and Marshall Counties, West Virginia.
Several wells at the Marcellus properties are now completed, tied-in and on production. Current net production to the company's interests in the Marcellus properties is in excess of 60 boe/d of liquids-rich natural gas production, and production levels are expected to increase as additional wells are brought on production. The company is now producing over 460 boe/d.
The company will be investing another $600,000 this week in the Marcellus properties, for the purpose of drilling, completing and tying in several additional wells. This is on top of a $600,000 investment made by the company in January earlier this year.
The Marcellus properties consist of approximately 10,000 acres, operated by a major, public oil and gas company with favorable service contracts. The properties are in the "wet gas" window of the Marcellus shale gas field, with prolific natural gas liquids and condensate in addition to abundant natural gas.
To date over 15 wells have been drilled on the Marcellus properties and between 50 and 100 additional new wells are expected to be drilled and completed on similar spacing to the existing 15 wells within the next three years.
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