Fairborne Energy Rises 10% After Successful Exploration Well; Firm on Track for 16.5K-Barrel Daily Exit Rate
Fairborne Energy Ltd (FEL.TO) is just off it high for the session, steadily climbing throughout the day to now trade at $3.33 a share, up 31 cents, after early Wednesday reporting a successful exploration well at the south end of its Harlech area in central Alberta. The well flowed at 2.3 million cubic feet per day and 126 barrels of liquids daily, setting up the potential for as many 200 follow-up locations on company properties.
Fairborne also reported record production of 16,000 barrels of oil equivalent per day, adding it is on track to meet its 2011 exit target of 16,500 barrels per day.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.