Granite Oil announces significant Bakken production well test results

Source:Granite Oil

The production well was drilled in the core of the area under the Company's gas injection enhanced oil recovery (EOR) scheme.

Granite Oil announces results from its latest, 100% working interest, horizontal Bakken oil well 102/01-24-003-17W4/00. The production well was drilled in the core of the area under the Company's gas injection enhanced oil recovery (EOR) scheme.

The well produced an average of approximately 1,200 Bbl/d of 31° API oil and 600 mscf/d of solution gas over the course of a four day production well test and was flowing at approximately 1,150 Bbl/d of 31° API oil and 800 mscf/d of solution gas at a flowing wellhead pressure of 420 psi, while restricted with a five-eighth (5/8) inch choke, at the conclusion of the test.

The well has a total lateral length of 1,250 metres and was completed with 15, eight ton fracs using nitrified water, at an all-in cost of $2.1 million dollars. The total well cost is 25% lower than the original $2.8 million included in the Company's initial guidance for 2015. Granite anticipates that its well costs will continue to decrease over the remainder of the year.

The well will be placed on production in the coming days at a restricted rate in keeping with Granite's focus on managing pool declines.

The high oil deliverability combined with the low gas to oil ratio of the well is a clear demonstration of the effectiveness and efficiency of the Company's gas injection EOR scheme. The Company is currently re-injecting 100% of its tied-in Bakken solution gas into its Alberta Bakken property under this EOR scheme through six horizontal gas injection wells.

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