North American Petroleum provide a production update for the recently acquired 1,670 gross acre Shoats Creek Project, in Louisiana ('Shoats Creek' or 'the Project'). NAP holds a 35%/26.25% working/net revenue interest ('WI/NRI') in Shoats Creek alongside Northcote Energy plc ('Northcote') (35% WI), and Springer Oil & Gas (30% WI).
This update is in line with the Company's strategy to rapidly increase production and grow reserves through the acquisition and development of leases in proven US onshore formations.
◾ Excellent initial gross flow rates from the workover of two wells, Lutcher Moore #9 and Lutcher Moore #14, at Shoats Creek, generating a combined 39.5 boepd net to NAP (based on a 72 hour test)
◾ Lutcher Moore#9: 67.3 BOPD and metered 117 MCF/D equating to 86.6 boepd gross and 22.75 boepd net to NAP
◾ Lutcher Moore#14: 40 BOPD and metered 145.5 MCF/D equating to 64.25 boepd gross and 16.8 boepd net to NAP