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).