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Strategic Oil & Gas Tests Five New Muskeg Wells and Announces First Quarter 2017 Financial and Operating Results
May. 16, 2017 08:56AM PST
Energy InvestingStrategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) announces results from its first quarter drilling program and reports financial and operating results for the three months ended March 31, 2017. As quoted in the press release: Highlights for the first quarter include: Strategic tested five new Muskeg horizontal wells which are still cleaning …
Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) announces results from its first quarter drilling program and reports financial and operating results for the three months ended March 31, 2017.
As quoted in the press release:
Highlights for the first quarter include:
Strategic tested five new Muskeg horizontal wells which are still cleaning up and have recovered approximately 50% of the completion fluids.
Test rates from the newly drilled wells over a 48 hour period ranged from 300 boe/d to 800 boe/d (80% oil). Once tied-in, production from the new wells will be limited by pipeline pressure to approximately 1,500 boe/d.
Funds from operations increased 44% to $2.4 million from $1.7 million for the fourth quarter of 2016;
Closed a private placement of 2.4 million common shares for net proceeds of $5.3 million, further improving the Company’s cash position;
Working capital at March 31, 2017 was $38.6 million.
