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Big Sky Petroleum Corporation (TSXV:BSP) reported a successful Q1 of 2013 following the acquisition of two lease blocks and test results from drilling at Wolfberry. Big Sky also provided investors with an update on its plans moving forward in 2013, with plans for expanding its projects in 2013 and conducting a leasing program with the Schleicher Prospect are that will target the highly selective areas for future development.
As quoted in the press release:
The initial well drilled in Q1 2013 in the Schleicher Prospect is the Schafer No.1. The Schafer No.1 is a Wolfberry test drilled to a (TVD) total vertical depth of 7,370 feet and was completed with a 6 stage fracture stimulation on February 21st with a total of 34,000 barrels of fluid and 1,000,000 lbs of proppant. The well was placed on pump April 10th, 2013 and approximately 85% of the frac fluids have been recovered.
The report estimates a “Best” scenario, 100,000 Bbls /Boe recoverable net to Big Sky’s interest in the Schafer No.1 well, potentially providing $4,000,000 in net revenue per well after recovery of drilling cost, OPEX and production taxes. Big Sky currently has spacing for 84 vertical drilling locations with a possible upside of 168 locations.
Click here to read the Big Sky Petroleum Corporation (TSXV:BSP) press release
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