UPDATE: 49 North Resources Jumps 5% As Provides an Update on Drilling Activities at Riverside

By MT Newswires,  December 13, 2012, 10:15:00 AM EDT

49 North Resources Inc. (FNR.V) announced the commencement of a six well drilling program on the Riverside property owned by Allstar Energy Limited, a 100% owned subsidiary of 49 North.

The first well in the program was drilled 400 meters north of a producing recompleted well in the southwestern portion of the Riverside land package. Drilling encountered an oil bearing zone of approximately 40 meters. The second well in the program was drilled a further 600 meters north of the first well (1,000 meters north of the recompleted well) and encountered an oil bearing zone of approximately 32 meters.

Drilling of the 6 well program is anticipated to be completed by the end of December 2012. Production completions will be initiated next week.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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