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Nexxtep Resources Ltd. - Cardium Oil

Gateway Petroleum Inc. (Gateway) has engaged NRG Divestitures Inc. to market its Whitecourt, Alberta area oil well (04-02-061-11W5). The well was originally drilled in 1988 targeting the Nordegg Formation. It was re-entered in 1992 targeting both the Ellerslie and Viking Formations. The Viking produced at an initial rate of 55 BOPD and 700 MSCFD. The well was re-entered in both September and November 2010 to repair rods and tubing. It is now producing approximately 6 BOPD and approximately 50 MCFD of associated gas.

 

Gateway owns a 100% non-operating working interest in the well and quarter section spacing unit (southwest quarter section 2). 

 

The following asset files are available for download.

Download details Download CA Download PSA Letter of Intent