Alberta Star, www.alberta-star.com – the Canada-based exploration and development company focused on oil resources in Western Canada and advanced stage mineral projects in North America, recently reported the drilling, casing and completion of three wells, as part of an ongoing Phase 2 drilling program at the Company’s site in Landrose, Saskatchewan.
This makes for a 100% success rate in Phases 1 and 2 at Landrose, where the Company not only has completed the wells on time and within budget, but set itself up for Phase 3 drilling, which is slated to commence early this year.
Excellent news considering the Company’s 50% working interest and the production status of the wells at the end of Phase 2:
• The first well, on Section 16-50-26-W3M, has already gone into heavy oil production
• The second and third wells, on Section 6-50-25-W3M, are also slated to be in production as of early 2011 and the Company will provide an update very soon regarding the status
The second and third wells on Section 6 are located adjacent to the Company’s three, already producing heavy oil wells and should yield similar production characteristics, driving in additional revenues as the Company goes into Phase 3.
A strong balance sheet reinforces the Company’s strategic movements in the oil and gas sector and this news solidifies yet more producing infrastructure, adding to a growing portfolio that is driven by tactically efficient domestic/international acquisition.
Intent on increasing overall daily output of oil, into what is a feature-rich global market, the Company is making all the right moves in order to diversify its footprint, generate high-demand inputs and put money into its investor’s pockets.
The strong performance and future trend for oil and gas, and for base/precious metals, is clearly written in the underlying logistics of the global economy going into 2011. Alberta Star stands poised to take full advantage of prevailing conditions, pursuing advanced stage mineral resource projects, as well as additional exploration and production projects.