Anderson Energy Inc. has completed its 2014/2015 winter drilling program with 10 gross (9.1 net capital, 8.0 net revenue) wells drilled. Due to weak commodity prices, the drilling of the remaining 3 gross (2.2 net) wells in the planned program has been deferred. Seven of the nine Cardium wells drilled have more than 30 days of initial production. The average production results from the 7 gross (5.3 net) Cardium wells were excellent and have on average exceeded the Company's expectations with an average IP 30 of 398 BOED (82% oil, condensate and NGL).
Included in the most recent seven Cardium well completions was the Company's first long-reach well which had an IP 30 of 648 BOED (92% oil, condensate and NGL) with 32 frac stages over a 1.5 mile horizontal well section. According to an industry publication reviewed by the Company, the Cardium long-reach well was one of the top three new oil wells in Alberta in November 2014.