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Greenfields Petroleum Corp Bahar Operations Update April 2013; Jumped 16.5% Wednesday

By: MT Newswires
Posted: 4/11/2013 8:49:00 AM
Referenced Stocks: GD

Greenfields Petroleum Corporation (GNF.V), which jumped 16.5% Wednesday, announced that Bahar Energy Operating Company, the operating company for Bahar Energy Limited (BEL) in which Greenfields owns a 33.33% interest, has completed the Gum Deniz ( GD ) 715 well on Platform 2 using the PSG1 drilling rig. The well was completed in 58 meters (190 feet) of pay in all lower zones and after an initial rate of 1047 bopd, has been flowing at an average rate of 700 bopd of 34 API gravity with casing-head pressure of 56 atm (823 psi) and tubing-head pressure of 15 atm (220 psi).

It said the GD 715 well has an additional 100 meters (328 feet) of pay that will be developed in future wells. The SP horizon in the GD 715 well was found un-depleted and the next well, the GD 716, will target this horizon in an up-dip and favorable position. The rig is currently being skidded to commence drilling the GD 716 well.