Project Profile
Value: Undisclosed
Location: Pembina Buck Lake Cardium Oil Projects, Alberta, Canada
Production: 66 boepd (2012 estimate)
Reserves: Unknown
Start-up Year: November 2010
Solara has operated the drilling of three horizontal wells to evaluate the oil potential of the Cardium formation. The first horizontal well, which was tied-in for production in late November, 2010, initially produced approximately 1,700 BOE/d comprised mostly of oil. The second well was drilled in December, 2010 and tested initial rates in excess of 1,800 BOE/d. This well is currently being tied-in and is expected to be in production by February 15, 2011. The third horizontal well was drilled in late December, 2010 and tested initial rates of 1,604 BOE/d. This well is expected to be in production by February 10, 2011. Solara controls a 100% working interest in the first well, 26.67% working interest in the second well, and 40% in the third well.
It is important to note that these initial test rates are not indicative of long-term productivity for each well. The company’s internal assessment of its undrilled acreage on this play indicates that there are up to five additional drilling locations for the Cardium oil play. Solara has plans, in conjunction with its partners, to drill four of these drilling locations in 2011. The company also owns a 35% working interest in two sections of land situated approximately five kilometers to the northeast of its Buck Lake Project. These lands are prospective for the Cardium oil play and there has been several horizontal wells drilled in close proximity to these lands.
In 2012, Solara Exploration agreed to merge with fellow Canadian explorer Verity Energy. The deal would have seen Solara’s Buck Lake and Pembina acreage transferred to a new entity, dubbed |”Corso”, which would take the area’s 6 wells producing 66 boepd. Daily production comprised of 45 barrels of liquids plus 126 Mcf per day of natural gas. Corso also assumed control of around six additional drilling locations previously identified by Solara in the Buck Lake area. In December, however, Solara Exploration cancelled the merger after falling into receivership, appointing FTI Consulting Canada as the receiver. FTI’s receiving duties were discharged in November 2014, and all Solara’s assets placed with Incipient Exploration Ltd.
Operators:
Incipient Exploration: (Operator with 100% interest)
[Updated by CC]