Lux Energy Corp. reported that a recent oil well drilled and completed on its acreage in Canada had an initial 24 hour production rate of 500 barrels of oil per day. The company said that the well was in the Woodrush Project, which is located in the Peace River Arch area in British Columbia. The company is not the operator of the well, but holds a working interest.
The well was located north of an earlier oil discovery made in the Woodrush Project and targeted the Halfway Sand formation. The company said that production casing was set at the well, and that production would begin once a pipeline is built to a nearby production facility.
Lux Energy Corp. expects the well to produce between 300 and 400 barrels of oil per day once the infrastructure is complete. Production from the Woodrush Project is anticipated to reach 1,000 gross barrels of oil equivalent per day once the new well starts producing, with 50% oil and 50% natural gas and liquids.
Lux Energy Corp. expects to participate in more wells at the Woodrush Project over the next year. The company also has properties in Alberta, Canada and Oklahoma, in the United States.
For more information, go to www.luxenergycorp.com