Mr. Gordon Reese reports
INVICTA ENERGY ANNOUNCES COMPLETION OF 6 WELL DRILLING PROGRAM AT KINDERSLEY
Invicta Energy Corp. has completed its second quarter, six-horizontal-light-oil-well
(3.3 net) drilling program at Kindersley, Sask. Due to wet weather
conditions in the fourth quarter of these wells are still in initial flowback, but at favourable rates. The first two wells of the program have
been producing for two months at an average rate of 45 and 75 barrels per day, 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 barrels of oil equivalent per day
(85 per cent 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-per-cent 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, Sask.
Invicta is finalizing its second quarter financial results. The company
will press release the second quarter in the third week of August in
conjunction with updated guidance and drilling plans for the remainder
of the year.
We seek Safe Harbor.
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