Reef Resources Ltd. reported that petrophysical analysis has been finalized on the North Airport #1 well which reached total depth of 1,998 feet (609 meters) on March 29, 2012. Advanced petrophysical evaluation performed by Houston-based Nutech Energy Alliance indicates the presence of 207 feet (63 meters) of net hydrocarbon pay. This is the first well to be drilled on the North Airport reef identified by Company seismic.

The advanced analysis was also conducted on the existing Airport South #1 well and revealed a total of 187 feet (57 meters) of net pay. Completion programs for both the North Airport and Airport South wells are in their final stages with field completion work scheduled for sometime in May. Production from the two Airport locations will be tied into the Ausable reef facility in order to supply natural gas for the Enhanced Oil Recovery (EOR) and natural gas liquids (NGL) project. The EOR program involves using dry natural gas to re-pressurize and energize the reservoir.

Tags: Reef Resources Ltd.