Proactive Investors - Run By Investors For Investors

Point Loma Resources says Wizard Lake Rex horizontal oil well in Alberta drilled and completed

The company has received approval to list the 5.95 million warrants issued in a fundraising on the TSX Venture Exchange
Oil drilling equipment
The company says the Alberta well is now in a test period to recover completion fluids used during the fracking and to establish stabilized oil deliverability

Point Loma Resources Ltd (CVE:PLX) (OTCMKTS:FMTNF) said Wednesday that the Wizard Lake Rex horizontal oil well in Alberta has been drilled and completed with 28 fracking stages pumped.

The Calgary-based oil and gas exploration company said in a press release that the well is now in a test period to recover completion fluids used during the fracking and to establish stabilized oil deliverability. This operation is anticipated to take a minimum of three to four weeks.

READ: Point Loma Resources reports 84% boost in 3Q petroleum and natural gas revenue

An average of 27 tons of sand per stage was delivered in the completion, according to Point Loma.

The company added that it has received approval to list on the TSX Venture Exchange the 5.95 million warrants issued in a fundraising that closed on October 25. The warrants are expected to begin trading under the symbol PLX.WT on Thursday.

In addition, Point Loma reached an agreement with Akula Resource Consultants Ltd and Darren Steffes to settle a litigation claim by issuing 109,649 common shares at C$0.228 for a total value of C$25,000.

The settlement shares are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities rules.

Shares of Point Loma fetched C$0.21 in recent Canadian trading.

In November, the company reported that third-quarter petroleum and natural gas revenue increased 84% as average daily production advanced.



Contact Dennis Fitzgerald at [email protected]

View full PLX profile View Profile

Point Loma Resources Timeline

Related Articles

Tanzania
July 01 2019
Solo wants greater hands-on control in future and will become an operator, not just an investor
1556564353_pulse---drew-and-garth.jpg
April 30 2019
The company was founded by industry professionals Garth Johnson, who is CEO, and Drew Cadenhead, president and chief operating officer
Pumpjack
June 25 2019
The oiler acquired over 6,500 acres during the downturn in the oil and gas sector between 2015 and 2018
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use