By OGJ editors
HOUSTON, Sept. 20 -- Alberta Clipper Energy Inc. reported two light oil discoveries in Alberta's Sylvan Lake area, where it recently expanded its holdings. The Calgary company also hiked its 2006 capital budget to $62 million from $46 million.
Both discoveries are in the Leduc formation. The 10-14-38-4W5 (10-14) well found 90 ft of net pay, averaging 7% porosity. Alberta Clipper operates the well and holds a 35% working interest after payout (20% before payout).
The discovery sets up a minimum of four follow-up development locations. The company is obtaining regulatory approvals to tie the 10-14 well into its infrastructure by Sept. 30.
The 12-36-38-4W5 (12-36) encountered 112 ft of net pay, averaging 9% porosity. Alberta Clipper operates the well and holds a 37.5% working interest.
The well sets up a minimum of two follow-up development locations, and Alberta Clipper is obtaining regulatory approvals to tie the well into existing company infrastructure during the fourth quarter.
