SAE 3.45% 14.0¢ salinas energy limited

north yowlumne...from statesman resources

  1. ado
    48 Posts.
    NEWS RELEASE February 14, 2008

    Vancouver , BC … Statesman Resources Ltd. (SRR: TSX-V) reports that production testing of the North Yowlumne No. 2-26 well at the South Buena Vista Prospect remains ongoing.

    The North Yowlumne 2-26 which was spudded in October and reached total depth of 13,055 feet in early December, 2007. The well intersected Stevens Sands as well as natural fractures that exhibited strong hydrocarbon shows during drilling. The operator commenced pumping operations during late January and continued into early February to test whether the well is capable of producing commercial quantities of oil.

    In order to remove all of the down-hole fluids including fluids that have been lost to the formations, the operator is alternating between pumping and shutting-in the well. During the past two weeks daily flow-rates have generally ranged from 100 to 250 barrels of a combination of oil, water and KCl (potassium chloride drilling fluid). Accurate calculations of oil recoveries will be possible after all, or nearly all, of the other fluids have been extracted, which will likely take another few weeks.

    The North Yowlumne well is located within the 12,240-acre South Buena Vista Prospect, where Statesman holds a working interest of 22.8125% in the majority of the leases. The other working interest owners in the Prospect are: Nations Energy Ltd with 20%, Salinas Energy Ltd. with 25%, and the operator, Nahabedian Exploration Group LLC, with the remaining interest.

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