The NCR Russell-Bevly #2 appraisal well expected spud date is May 2015 – total dry hole AFE US$3.4m (CTR’s share ~US$613k, prepaid in full), 30 day drill program.
Gosh. I hope that's not like the 40 drill program of A-5
Russell-Bevly #2 is an infill appraisal well located between the successful Smith #1 and Russell Bevly # 1 wells, which previously achieved combined production rates of 9.3 MMcf & 800 bbl of oil per day
Sept 2010
Less than seven weeks after production casing was set in the well and the drilling rig released, the Russell Bevly was turned to sales at approximately 1,000 Mcf of natural gas and 90 bbl of oil per day with approximately 8,000 psi flowing tubing pressure on a 6/64" choke from just one of four identified pay zones.
It is anticipated that, similar to the Company’s first well (Smith #1), the well will flow naturally for a number of months before it is shut in and a completion rig moved into place. Once the completion rig is in place, the well will be fracture stimulated and additional pay zones added to boost rate
Feb 2011
COMMENCEMENT OF FRACTURE STIMULATION OPERATIONS ON RUSSELL BEVLY WELL AND SPUDDING OF ROSS 3H WELL IN TEXAS IMMINENT
t is then planned that the team will return to potentially undertake a similar stimulation operation on the nearby Smith #1 Well in April, once the joint venture has had a chance to observe the performance of the Russell Bevly Well following the fracture stimulation.
March 2011
Range is pleased to report that combined
test rates (on a 100% basis) from the Smith #1 and Russell-Bevly #1 wells reached 9.2 MMcf of gas
and approximately 769 bbls of oil per day this week, compared to the earlier peak combined rate of
3.3 MMcf of gas and 247 bbls of oil per day achieved in September of last year
Of course anyone that has invested in a company that has fracced knows the rate post fracc drops off quite a bit. So this is yet again a A-4 1000bopd comment!! Full of ...
30 JUNE 2011
gross combined rates from the field hit a high of 9.3 MMcf of gas and 800 bbl of oil per day during the month of March. (See the tricky wording)
30 SEPTEMBER 2011?????
No mention of any flow rates at all.
30 Dec? Flow rate?? Nope!
But remember the Smith 1 that was to be fracced a year a go.
During the quarter, the spudding of the third well (Smith #2) commenced with the Smith #2 well being an offset to the existing Smith #1 well and has been categorised as a proved undeveloped location
Hmmmm. Must be a cracker. Wonder what happened to the "combined production rates"????????!!!
So basically this little sell job of 800bopd is taken from one month in March 2011. By end of the year the were drilling an off set well at Smith and they were not reporting the flow rates.
By 2012 they were talking about having to Fracc Smith 2 the off set. Just like they talked about fraccing the original well.
March S-2 measured at a peak of just 125bopd
This is after the cost of drilling Smith one. Another rig set up and an off set of Smith 2. Fraccing? Can't seem to find much about that. More BS
From this point. Good luck trying to find any flow rates on Texas as they try to sell it.
2014 Annual under Roy states (average 58 boepd) After 6 wells. Fracc. Horizontals. Off sets. 58 barrels of oil per day!!!
"This well is the first well in which the Company will participate in the NCR project, and is the first well in the project’s updated development focus, with a target spudding date of May 2015. If results mirror that of the Smith #1 and Russel Bevly #1 wells" (which had combined production of 9.3 MMcf and 800 bbl of oil per day following successful well stimulation), then it is likely that a multi-well development program would be justified.
Mirror Smith and Russel? Wouldn't that make it noncommercial???????!!
So lets remember the A-4 1000bopd and the March 2011 combo 800bopd. Let's remember them for what they were.
A peak rate that was announced the same time as a CR
Additional financing secured to complete Texas project acquisitions. Oh dear. That does not sound good.
So all and all. Just what I expected. More BS. It's in suspension for one reason. It's broke!!
CTR Price at posting:
0.1¢ Sentiment: None Disclosure: Not Held
(20min delay)