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Nextraction Energy Corp. announced flow test results from its latest completed horizontal well on its Provost Viking light oil property in eastern Alberta, Canada. Upon completion of a 10 stage fracture stimulation of the well, the well was flowed back on cleanup for 50 hours producing a total of 431 barrels of oil (b/o) and 545 barrels of water, recovering 50% of the frac fluid.
Over the final 24 hours of the flow test, the well produced at a rate of 210 b/o with a 65% oil cut. The well has been shut-in to allow it to be tied into the company's existing oil battery and brought onto production, which is expected to occur within the next week. Nextraction owns a 50% working interest in the well.
Company president, Kent Edney, stated, "The anticipated production and cash flow growth will be significant for the company and will help it to successfully take the next step as a high-growth Canadian oil company."
Nextraction is currently preparing for the next well in the drilling program, which it expects to commence in July. The company plans to drill between two and four additional horizontal wells on the Provost property during the second half of 2012 and has identified 35 potential follow-up locations to this initial well. The 2012 capital program is currently budgeted between $3.3 million and $3.9 million.