Northern Petroleum provides the following update regarding production activities in north west Alberta, Canada.
•Well 100/16-19 now producing following the purchase and installation of a production package
•Well will be produced at between 75 and 100 barrels of oil per day
•At US$55 WTI, operating net back after royalty is forecast to be approximately US$30 per barrel
•Well 102/15-23 still forecast to restart in Q3 following remedial maintenance on pipeline by local operator, which has now commenced
Keith Bush, Chief Executive Officer, commented,'It is an important achievement to re-establish production with an operating configuration that will maximise net back and cashflow in the current oil price environment. With the approval of the remedial maintenance work by the local operator, 15-23 should also be in production in Q3 which will combine with 16-19 to provide valuable cashflow for the group. The operating team will continue to focus on bringing more behind pipe production back on efficiently.'