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Companies Drilling in the Exshaw
Shale - Exshaw Shale Stocks
Murphy Oil MUR - Our North American resource position provides a nice complement to our global exploration activity and in September we
announced entry into a fourth play, this one in Southern Alberta targeting the oil-prone Exshaw formation which is analogous to the Bakken play on the U.S. side of the border.
We are moving forward with plans for early drilling next year to appraise our position, which we continue to grow on a now
close to 150,000 net acres. We’re still trying to grow our position there and so have an active effort but
we want to get to drilling and we’ll probably move a rig in and be drilling the first well in January and the first
phase for us when we get into these plays is to do some appraising and so we’ll probably have six wells in that appraisal
program that will be drilled consecutively and this will drill core and likely test. We’re fortunate in on some of our
acreage is already two old wells that have recovered oil. They weren’t drilled for this particular actual horizon but
they did recover some oil. So we have a good place to start and I’m pretty encouraged. We talk about that acreage
being Exshaw play but there really is two other
horizons that are equally in our mind today perspective. The Exshaw is the deepest horizon but we see a jurassic [ph] level called Wadden [ph] and a shallow cretaceous
level called the Second White Speckled Shale which is a ugly name but that’s what it’s called, is also being perspective
and so our appraisal program is going to target some of those horizons to also see if they have some running room as well.
So I’m pretty excited about the play, its early days and we won’t get after. Exshaw 2012 Update - While our South Alberta play has witnessed
mixed results early on, we have just seen our best well come on production. It IP-ed at over 300 barrels a day and has naturally
flowed for 42 consecutive days near that level on a small choke. It's high-quality oil, and we are budgeted to drill and complete
2 more wells in this play this year with an ongoing review to increase that number based on this recent good news. We have
also entered a fifth North American resource play and are continuing to build a land position, which currently stands at well
over 100,000 net acres. We are drilling our first well in the play now and expect to be able to discuss it more detail by
the next quarterly update.
Quicksilver Resources KWK - The company has also recently spudded a horizontal well to test the Exshaw
formation, encountered at a vertical depth of approximately 4,350 feet, for commercial oil. The company recently
spudded a shallower horizontal well to test for oil in the Exshaw
formation at approximately 4,400 feet. We’ve had good oil shows drilling through this zone in each deeper gas well we
have drilled, so we are excited about this testing of the formation.
DeeThree Exploration (TSX:DEE) - Bakken/Exshaw Oil Play - Although the Company's
recent drilling results targeting the shallow horizons have fallen short of our expectations, management firmly believes that
our Lethbridge property holds tremendous potential for shallow crude oil and natural gas as well as light crude oil from the
Bakken/Exshaw formations.
With over 100 sections of lands that the Company feels is prospective from the Bakken/Exshaw
coupled with DeeThree's ownership of all facilities and pipeline infrastructure in the area, DeeThree is well positioned to
capitalize on this emerging oil play, which boasts potential for exceptional recoverable oil reserves per section. As a result,
the Company has shifted its focus to the exploration and development of the Bakken/Exshaw oil play on our undeveloped land
holdings.
DeeThree has two firm drilling locations identified for vertical stratigraphic tests of the Bakken/Exshaw
fairway to be completed by year-end and anticipates drilling another six locations (four vertical, two horizontal) during
the first half of 2011. These locations are designed to test multiple intervals within the play across the Company's large
acreage position. The Company has also commenced a 20-section 3-D seismic program over a portion of these lands, and upon
completion (estimated for November 15, 2010); DeeThree will have also fulfilled its second year seismic commitment on the
Lethbridge property.
Nexen NXY - One last question just on the Horn River. One operator was yesterday talking about an oils owner, oil resource play kind
of over-line the Horn River shale, is that something you guys have looked at yet or what is your thoughts on that I guess?
Marvin Romanow - CEO of Nexen Yeah, we quote some of that area, we do see oil staining, we are evaluating what the possibilities are there and
we maybe pursuing some activities on that. Andrew Potter - CIBC
World Markets What is the zone; is this the Bakken or Bakken/Exshaw? Marvin Romanow - CEO of Nexen It’s the Exshaw.
Devon Energy DVN - And then one other question, now shifting to the Horn River Basin and thinking about any opportunities beyond
just gas and hearing some opportunities on the oil and more liquids side. Is there anything on your acreage or any plans to
try to test that in the Horn River Basin, or extending that into Alberta kind of chasing the same trend? John Richels - President of Devon Energy Yes, there
is some potential up there, David. There is a -- specifically, it appears maybe an Exshaw oil play that exists or there's been some people that have talked about -- specifically, I know Quicksilver
is talking about potential up there is immediately to the west of the Northern part of our Horn River play. We do plan to
evaluate that oil potential with our future drilling program. We don't have a lot of details on it as we speak, but we recognize
the potential exists there. We just need to get some more work done it to really evaluate how significant that may be.
Forest Oil FST - Forest Oil (FST) has acreage that is prospective to the Exshaw Formation. They are currently testing the an area
called the Evi light oil play. Canadian Peace River Arch - Evi Light Oil
Play Forest holds approximately 48,000 gross and 41,000 net acres in the Evi Light Oil play in north central
Alberta, Canada. This area provides for a significant development opportunity for premium-priced light oil through shallow
horizontal development drilling opportunities. During the first quarter of 2011, Forest resumed operations in the Evi
area with a three-rig development program, drilling a total of 17 short lateral length horizontal wells, utilizing new pad
drilling techniques, and increasing the number of fracture stimulation stages from an average of six to ten stages. As of
March 31, 2011, 11 of these wells were in various stages of completion. Seven of the 11 wells have achieved average maximum
initial production rates of 300 Bbls/d while the remaining four wells are cleaning up after fracture stimulation. The six
uncompleted wells are expected to be completed after the conclusion of spring break-up.
Rosetta Resources (ROSE) - Rosetta Resources (ROSE) has acreage that is prospective to the Exshaw Shale - Rosetta's 11-well vertical drilling program
to assess the commerciality of the play across its approximately 300,000-acre position in northwest Montana is nearing completion.
The Company had two rigs under contract during the quarter. As of March 31, 2011, eight vertical delineation wells had
been drilled with operations underway on the ninth and tenth vertical wells. During the second quarter of 2011, one additional
vertical well is planned. Based on encouraging vertical well results, Rosetta will spud the first of three horizontal
wells in the second quarter.
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