Sefton Resources provides a brief Operational Update and the execution of an agreement for the drilling of four new wells at Tapia Canyon oil field in California.
Highlights:
Drilling of four new wells at Tapia Canyon scheduled to commence in mid-November and take approximately five weeks to complete.
The new wells are expected to be producing in early 2012 which should allow oil production to rise by up to 75% to an estimated 240 barrels of oil per day
Average Tapia 18°API crude purchase price of $107 per barrel received in October which represented a 24.4% premium to NYMEX
Oil production in October at Tapia and Eureka fields was approximately 129 barrels of oil per day
Dr. Farouq Ali is currently in the process of finalizing an interim report on the Tapia steamflood model
Occidental Petroleum Corporation ("Occidental") via its subsidiary Vintage Production LLC has permitted a third well on its adjacent field to Tapia Canyon
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