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Arsenal Energy Ahead 5% After First Well in Stanley, N.D., Begins Operations; 2 More Soon Planned

Arsenal Energy Inc. (AEI.TO) is back at the top of its afternoon range, currently trading at 60 cents a share, up 3 cents or more than 5%, after saying late yesterday it had completed and tested the Gjoa Lynn Bakken well in Stanley, N.D.

The well has now been turned over for continuous operation after test flowing at 960 barrels per day of oil on a 28/64 choke and 775 pounds pressure over a 24-hour period. Arsenal operates the well and owns a 59% working interest.

The company begun lease construction on the Anthony Robert and Wade Morris 2-mile Bakken horizontal locations and expects spudding Anthony Robert by the end of January and the Wade Morris soon after. Arsenal will have an 80% interest in both wells.

Arsenal also has finished drilling the 12-20 Leduc horizontal well near Edgarton, Alberta, encountering good shows while drilling. Completion operations should commence in the second week of December.

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

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

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