Arsenal Energy Inc. says that production for the fourth quarter of 2014 averaged an estimated 4,700 boe/d, (approximately 76% oil and liquids) resulting in 2014 average production of approximately 4,500 boe/d. Production is currently estimated at approximately 4,800 boe/d.
During the fourth quarter of 2014 at Princess, Alberta, Arsenal drilled six oil targets. Four of the oil targets have been cased as potential oil wells, one has been cased as a potential gas well and one is to be abandoned. All potential wells will be completed during the first quarter of 2015.
Two of the potential four oil wells will be tied in during the first quarter while the remaining two potential oil wells will be tied in as part of a future development program. Additionally, the Company drilled one water injector well at Princess. At Evi, Alberta, the Company drilled one oil target that is currently being completed and will be tied in during the first quarter of 2015.