Seaview acquired the Southeast Saskatchewan assets from Progress consisting of 4 light oil properties; Steelman, Alemeda, Rocanville and Wapella. The properties as of the year ended December 31, 2008 were producing approximately 200 Bbls/d of light oil plus associated solution gas. Seaview has an average working interest of 78% in approximately 11,800 gross acres of land.
Steelman-Alameda
Seaview has a 92% working interest in the Steelman Midale Unit #7 producing approximately 75 bbls/d of light oil plus associated solution gas. At Alameda, Seaview is producing approximately 45 bbls/d of oil plus associated solution gas from the 100% owned Midale oil pool. These pools are very mature having been on production for more than 30 years. Since acquiring the assets from Progress, Seaview has performed several workovers to optimize production at Steelman. Additional operations are planned to continue to further enhance the production and lower field operating costs. |
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Rocanville
Seaview has a 48% working interest in the Rocanville Bakken Unit #2 producing approximately 50 bbls/d. Seaview has identified a number of drilling opportunities to enhance the production performance of the pool. Additionally, Seaview is evaluating the potential to drill horizontal wells based on the success of horizontal wells drilled in the offsetting Unit #1 pool. Seaview expects to drill up to 3 wells in this area in 2009. |
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