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Last C$0.08 CAD
Change Today 0.00 / 0.00%
Volume 54.6K
POP On Other Exchanges
As of 3:58 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

petro one energy corp (POP) Snapshot

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08/29/14 - C$0.83
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petro one energy corp (POP) Details

Petro One Energy Corp., an exploration stage company, engages in the acquisition, exploration, and evaluation of petroleum and natural gas, and natural resource properties in Western Canada. The company holds 100% interests in 13 oil prospects covering approximate 5000 acres in Saskatchewan and Manitoba. It also owns interests in the BRC and Lucky Strike projects located in Yukon. The company was formerly known as Cloudbreak Resources Ltd. and changed its name to Petro One Energy Corp. in December 2010. Petro One Energy Corp. is headquartered in Vancouver, Canada.

petro one energy corp (POP) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

petro one energy corp (POP) Key Developments

Petro One Energy Corp. Confirms Oil Production from its Horizontal Viking Earning Well 6-22-30-27W3 at Milton

Petro One Energy Corp. has confirmed oil production from its horizontal Viking earning well 6-22-30-27W3 at Milton, Saskatchewan based on an initial 54-day production test. The well was brought on production on January 15, and recovered some 3,500 barrels of frac fluid before being shut in for breakup on March 14. The well resumed production on April 15 and thereafter produced oil at an average rate of 10 bopd until April 28, when management determined to shut it in. The water cut showed some improvement in April, but did not improve sufficiently to offset water disposal costs at current oil prices. The well will be reevaluated to be brought back on production at such time as oil prices significantly improve and Petro One can reduce operating expenses - primarily trucking and water disposal costs ­ to the extent required to make the well economic. The company has prepared an application to convert its existing 15-15 well at Milton into a water disposal well to further improve the economics of the entire Milton field as oil prices improve. The company will also continue evaluate the possibility of tying in gas from the Milton field to further enhance its economics. Petro One's 10-15 well at Milton continues to be a dependable source of revenue for the Company. It has cumulative production of over 15,800 barrels of oil to date, and is anticipated to provide the Company with a steady revenue stream for years to come. The 10-15 well produced 625 barrels of oil in February at an average rate of 22.9 bopd, before being shut in March 10 for breakup, and was brought back into continuous production on April 22.

Petro One's First Horizontal Well on Production

Petro One Energy Corp. reported that Well 622, its first horizontal well drilled in the upper Viking, was completed as planned and has been on production since midJanuary. The well, which is located in the Milton oil field in western Saskatchewan, is currently producing emulsion and recovering frac fluid from the 3,500 barrels of frac fluid used for completion in early January. The company will report the average production volumes once the majority of the frac fluid has been recovered and the emulsion ratios normalize. The precise oil cut from the emulsion will be known once Petro One receives its first monthly statement from the processor. The horizontal drilling at 622 confirmed excellent reservoir characteristics and continuity of a thick Viking sand underlying Section 22. The Milton Viking reservoir has a strong gas drive that accounts for the excellent production volume demonstrated by this new horizontal well. Core from the nearest Petro One vertical well, located 825 metres to the southsoutheast, had an average porosity of 21.7%, an average permeability of 16.89 mD over 10 metres and a maximum permeability of 54.6 mD over the whole Viking interval. Sample cuttings from the lateral leg of the new horizontal well are described as being very similar to the Upper Viking sand in the core from that vertical well.

Petro One Energy Corp. Provides Update on Drilling Program

As reported on November 5, 2014, Petro One Energy Corp. has received the license to drill its first horizontal well at Milton, where the Company's consulting geologists have identified up to 49 net horizontal Upper Viking drill locations. The company has now secured the required surface lease for Well 6-22 and has received an Authorization for Expenditure from the drilling company. The company looks forward to spudding Well 6-22 as soon as the agreed rig is available, expected to be sometime in early to mid-December. The target Viking reservoir at Milton is 10 metres thick and contains oil throughout. The technical team has described oil saturated core from two vertical wells on section 10 as excellent quality Viking sand and strongly recommend focusing on horizontal drilling in the Upper Viking as the best way to exploit that reservoir. Core from the nearest Petro One well had an average porosity of 21.7% and an average permeability of 16.89 mD over the entire Upper Viking interval. The data from those wells indicates that horizontal wells targeting the upper Viking should provide water-free or near water free production as is the case with a majority of other horizontal Viking wells in the immediate area, including those drilled by Novus at the newly discovered Marengo field, just 1.5 kilometres south of Milton. The Viking in West Central Saskatchewan produces 35° - 39° API light sweet oil, and Saskatchewan offers an extremely attractive royalty system whereby Viking horizontal wells qualify for a 2.5% royalty rate on crown lands for the first 37,700 barrels of cumulative oil production, significantly enhancing the economics for horizontal drilling. The company also plans to proceed with testing of Well SR1 at South Reston, where it has confirmed a reservoir in a large Waulsortian mound with a strong oil show in a 20 meter interval at the top of the Mississippian Lodgepole limestone, which was the target formation. At Milton, with up to 49 horizontal drill locations, management is also exploring the possibility of converting and existing vertical well into a water disposal well and battery site that would significantly enhance the economics of future production. Petro One continues to assess the potential for a further financing by way of private placement or joint venture with persons unrelated to KMDC.


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