Invicta Energy Corp. (TSXV: VCA) announce the completion of its second quarter 6 (3.3net) horizontal light oil well drilling program at Kindersley, Saskatchewan. Due to wet weather conditions in the quarter four of these wells are still in initial flow back, but at favorable rates.
The first two wells of the program have been producing for two months at an average rate of 45 and 75 Bbls/d, respectively. Based on the initial production rates of the six wells, Invicta expects these wells to outperform the Company's forecasted type curve. Current net field production is estimated to be over 400 Boe/d (85% light oil). As these wells stabilize they will be tied into the Company's production facilities.
In addition, Invicta has added over 10 sections of 100% land through crown land sales and acquisitions and now has 53,232 net acres of land in Alberta and Saskatchewan. From this developing land base, Invicta has the potential to develop a second core resource base to complement its current development on lands in Kindersley, Saskatchewan.
Recommended Reading
New BOEM Regulations Raise Industry Decommissioning Obligations by $6.9B
2024-04-15 - Under new regulations, the Bureau of Ocean Energy Management estimates the oil and gas industry will be required to provide an additional $6.9 billion in new financial assurances to cover industry decommissioning costs.
BOEM Adjusts Monetary Penalties for Oil, Gas Companies
2024-01-25 - BOEM’s adjustment is based on a 2015 act that requires annual inflation adjustments.
US Finalizes Big Reforms to Federal Oil, Gas Drilling
2024-04-12 - Under the new policy, drilling is limited in wildlife and cultural areas and oil and gas companies will pay higher bonding rates to cover the cost of plugging abandoned oil and gas wells, among other higher rates and costs.
From Satellites to Regulators, Everyone is Snooping on Oil, Gas
2024-04-10 - From methane taxes to an environmental group’s satellite trained on oil and gas emissions, producers face intense scrutiny, even if the watchers aren’t necessarily interested in solving the problem.
CEO: Linde Not Affected by Latest US Green Subsidies Package Updates
2024-02-07 - Linde CEO Sanjiv Lamba on Feb. 6 said recent updates to U.S. Inflation Reduction Act subsidies for clean energy projects will not affect the company's current projects in the United States.