Cougar Oil and Gas Canada Inc. released an operational update on the development of oil and gas resources at its property in Canada, where the company is working on an oil formation.
Cougar Oil and Gas is currently working on the Trout light oil project located in Alberta, Canada, where the company just completed the drilling of a well into the Keg River formation. The well was drilled horizontally by the company, reached the targeted formation and found approximately 400 meters of pay.
Cougar Oil and Gas said that this well underwent completion operations using standard industry equipment and services and is now producing. The company expects to have production results once all the down hole drilling fluid flows back.
Cougar Oil and Gas completed an analysis of a recent 3D seismic program conducted at the Trout project area. The company believes that as many as twelve vertical and horizontal development wells can be drilled and completed on the property.
Cougar Oil and Gas Canada Inc. said that the well would benefit from two incentive programs established by the government. The company will receive 5% royalty relief for a year under the New Well Royalty Rate program, and will receive a $200 per meter drilled credit under the Alberta Drilling Royalty Credit program.
For more information on the company, go to www.cougarenergyinc.com