Carpinteria, CA -- April 5, 2010 -- Marketwire -- NiMin Energy Corp. (TSX:NNN and OTCQX:NEYYF) ("NiMin" or the "Company") today announced the initial production rate for the State #11 well drilled in the Ferguson Ranch field located in Park County, Wyoming which is part of the Bighorn Basin.
The State #11 well is the first new well drilled in the field, which the Company acquired in December 2009. The well was brought on-line on March 29, 2010 at an initial production rate of approximately 100 bopd (barrels of oil per day) which is in line with what the Company expects from new wells in this field. The State #11 well is the first of a planned 12 well drilling program in Wyoming this year, subject to raising the necessary capital.
A bit vague language and numbers in the release, but looks like a promising start to the drilling campaign at Ferguson Ranch.
Got into a small position in Culane Energy. The fourth quarter report seems to be delayed for some reason. The reason could be problems with the full scale waterflood at Killam. Flooding of LLoyd pools has been done successfully numerous times in the past by other companies, but that doesn't mean that Culane couldn't fuck this up.
Assuming that there are no reserve write-downs due to geological reasons company NAV should increase y-y due to improved oil market prices. Culane is doing some exploratory drilling in Saskatchewan and even a minor success in that venture might boost the share price.
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