14:25:44 EDT Thu 28 Mar 2024
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USA
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Wellstar Energy Corp (3)
Symbol WSE
Shares Issued 16,137,768
Close 2015-08-26 C$ 0.07
Market Cap C$ 1,129,644
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Wellstar Energy begins recompletion work at McTaggart

2015-08-27 09:26 ET - News Release

Mr. Andrew Rees reports

WELLSTAR ENERGY ANNOUNCES COMMENCING WORK IN SOUTHERN SASKATCHEWAN

Wellstar Energy Corp. has commenced work at its McTaggart property in Southern Saskatchewan.

Wellstar's wholly owned subsidiary Nexxtep Resources Ltd. is proceeding with a planned recompletion of the Winnipeg sand formation at the company's McTaggart property in Southern Saskatchewan. The company intends to fracture stimulate a portion of the original Winnipeg sand formation, which was completed in spring 2000. The well produced over 70,000 stock tank barrels until it was suspended in mid-2006, in order to recomplete the wellbore in the uphole Red River formation. Initial oil production rates from the Winnipeg sand completion exceeded 200 barrels of oil per day in mid-2000. Nexxtep holds a majority interest in this well and is the operator.

Wellstar president and chief executive officer Andrew H. Rees stated: "Our key focus since closing the acquisition of Nexxtep in the spring of this year has been to evaluate opportunities within our existing asset base. This recompletion program affords us the ability to increase production at low-cost, low-risk and potentially timely payout within the context of the current oil price environment."

The company would also like to announce that the TSX Venture Exchange has granted it an extension to complete a previously announced non-brokered private placement to Sept. 15, 2015 (see news release dated May 1, 2015).

We seek Safe Harbor.

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