New Sage Energy Provides Production Update on the Leger #1 Well
28 Janvier 2010 - 2:30PM
Marketwired
New Sage Energy Corp (TSX VENTURE: NSG) ("New Sage") is pleased to
announce an update on the Leger #1 well that was drilled and
completed in the Lafourche Crossing Field, Louisiana in October
2009. Leger #1 has been producing oil and gas since December 12,
2009 and early production results show an average flow rate of 1.08
mmcf/day natural gas and 23 bbls/day of 52 degrees API (which is
approximately 107 barrels of oil equivalent per day "Boe/d"), after
a 27 day initial production history. The well reached a total depth
of 10,648' and was completed between 10,614' and 10,643'.
There were up to nine potential oil and gas productive zones
identified in the Leger #1 well; three to five zones were
anticipated prior to drilling. The well targeted five sands; 9850',
9900', 10100', 10180' and 10300' that are known producing sands
within the Lafourche Crossing Field. The Leger #1 drill location is
located on the down-thrown side of a listric growth fault where
favorable gas production characteristics have historically been
encountered. Proximity to this style of fault, as observed for
sands located at depth for this development well, increases the
likelihood to encounter additional oil and gas reservoirs.
Sidewall core analysis results indicate that these nine sands
provide a total of 45' net pay with good reservoir quality, with an
additional 24' of potential net pay and 14' of possible pay. Leger
#1 well has 15' of section within the 9850' sands to be perforated
with the lower portion of this reservoir considered to have good
reserve potential. Sidewall core analysis confirms that the 8100',
9850', 10100' and 10375' sands all have good reservoir potential.
New Sage holds a 5% working interest in the J. Leger #1 well.
About New Sage
New Sage is a Canadian oil and gas exploration and development
company with a focus on opportunities in South America and the US
Gulf States region.
Forward-Looking Statements
This news release contains forward-looking statements that
involve risks and uncertainties. Forward-looking statements or
information are based on current expectations, estimates and
projections that involve a number of risks and uncertainties which
could cause actual results to differ materially from those
anticipated by New Sage. The forward-looking statements or
information contained in this news release are made as of the date
hereof and New Sage does not undertake any obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
The securities of New Sage being offered have not been, nor will
be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from U.S. registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
Neither the TSX Venture nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: New Sage Energy Corp. Eric Fredrickson (416) 309-4320
info@newsage.com
New Sage Energy Corp. (TSXV:NSG)
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