Oct 11, 2005
Husky Energy Updates Northwest Territories Discovery
Calgary, Alberta - Husky Energy, operator of block EL 397 containing the Summit Creek B-44 discovery, announced that the ownership consortium has completed a 2-D seismic program and plans to drill two wells in 2006. Husky Energy assumed operatorship on May 1, 2005 of Block EL 397, in the Central Mackenzie Valley area of the Northwest Territories, Canada, which was announced as a hydrocarbon discovery on March 30, 2005.
The Summit Creek B-44 well, was drilled on EL 397, which lies in the foothills of the Mackenzie Mountains, 110 kilometres south of the town of Norman Wells. The B-44 well spud on January 16, 2004 and was drilled to a depth of 3,063 metres, cased to total depth and suspended. A completion and testing program conducted from January through March 2005 confirmed several productive intervals in a 180-metre hydrocarbon-bearing column. Two intervals were perforated and tested at combined rates of approximately 20 million cubic feet per day of natural gas and in excess of 6,000 barrels per day of light oil and condensate, with 1,000 barrels per day of water from one of the intervals.
Summit Creek B-44 represents the first hydrocarbon discovery in the Central Mackenzie Valley since Norman Wells was discovered in 1920. Husky and its partners hold EL 397 and adjacent lands totalling 2,400 square kilometres in the Central Mackenzie Valley area. Husky completed a 200-kilometre 2-D seismic program on EL 397 this summer and plans to drill two wells in the Summit Creek area commencing in January 2006. In 2005, Husky held public consultation sessions on the Sahtu region to share information on its proposed exploration plans. One of the wells will assess the size of the pool discovered by Summit Creek B-44. The other exploration well will test a separate undrilled prospect.
Husky Energy is the operator and holds a 29.4775 percent working interest in EL 397. Partners in EL 397 are Northrock Resources, 32.5 percent; EOG Resources Canada Inc. (NYSE: EOG), 26.3975 percent; Pacific Rodera Energy Inc. (TSX-V: PRD), 6.625 percent and International Frontier Resources Corp. (TSX-V: IFR), 5.0 percent.
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