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Here is the official CH press release...SHAREHOLDER UPDATE – SWAN HILLS AND VIRGINIA HILLS AREAS March 17, 2011 As stated in the shareholder update of February 22, 2011, Coral Hill Energy Ltd. (" CoralHill ") placed on production its first horizontal oil well in the Swan Hills area of WestCentral Alberta. This well has its surface location at 13-17-64-9W5 and bottom hole location at 12-20-64-9W5. It produced at an average rate of 2,240 barrels of oil per day during the first week and averaged 1,265 barrels of oil per day during the first month of production. The well, in which Coral Hill has a 64% working interest, has produced 41,405 barrels of oil to date from the Beaverhill Lake formation. Coral Hill is presently drilling a second well at 5-31-64-9W5 in the Swan Hills area. In the Virginia Hills area Coral Hill drilled a well from a surface location at 6-22-66- 13W5 with bottom hole at 5-27-66-13W5. This well has been completed and produced 3,958 barrels of oil over three days. Presently the well is shut-in to obtain a pressure buildup. Coral Hill holds a 64% working interest in this well. A second well in Virginia Hills is in the process of being completed at 16-16-66-13W5 and a third well is being drilled at 9-20-64-13W5. The initial results from our wells in Swan Hills and Virginia Hills are very encouraging. It is significant that both wells are flowing oil to surface and have not been put on pump yet. However, further evaluation is required to determine the expected production decline rates and recoverable reserves for each of these wells. Donald J. Rae “Signed Donald J. Rae” President and Chief Executive Officer Coral Hill Energy Ltd. |
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