Scandoil  

Octagon 88 Resources produces first barrel of oil


Published Nov 13, 2013
Octagon 88 Resources, Inc.

Octagon 88 have produced their first barrel of oil. Octagon 88 is the largest publically traded shareholder of CEC North Star holding 33% of the shares. CEC North Star holds exclusive rights to process oil in the Peace River block of the Alberta Oil Sands. The processed oil is the first step of the Manning Area Development Plan, and more specifically it is part of the Elkton Erosional Edge.

On October 21st the Manning projects operator confirmed that the first four days of production flow testing remained positive. The operator reported that the pump was running at 100 RPM, which clocks in at just a third of the optimal pump design rate. Currently, the well has produced from the bore and the fluids include heavy black crude oil and lighter brown oil. The operator reports that the gas production remains consistent, and that the AGAT lab results of the gas samples confirm that it is nearly 100% methane with no H2S presence.

Tags: Octagon 88 Resources




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