Emerald Oil & Gas [ASX: EMR] - Substantial oil production from Niobrara Shale wells near Emerald's Green River Basin acreage
Emerald Oil & Gas (ASX: EMR) announces that Quicksilver Resources, a large US independent oil company, recently announced over 500 bopd is being produced 25 miles to the south of Emerald’s Niobrara shale oil acreage in the Green River Basin, USA.
Highlights:
• Quicksilver Resources reports sustained production of over 500 barrels of oil per day (bopd) oil from a horizontal well and around 100 bopd from single zones in several vertical wells near Emerald acreage
• Significant step forward in proving potential of Green River Basin (GRB) Shale oil play in Colorado/Wyoming, USA
The directors of Emerald consider the Quicksilver production results to be significant for EMR, as they indicate that a frac treatment design, effective in the Green River Basin Niobrara shale oil play, has now been demonstrated and this provides clear evidence of the production potential that could be expected from wells on EMR acreage.
For more details, please click on the link: http://emeraldoilandgas.com/sites /emeraldoilandgas.com/files /Substantial%20oil%20prod%60n%20from%20Niobrara%20Shale%20wells%20near%20EMR.pdf
Australian financial s services firm Hartleys Limited has also issued a research report on EMR today, in which it rates the company as a Speculative Buy. Hartleys has increased its price target for EMR from 5.9cps to 7.6 cps.
Emerald Oil & Gas (ASX: EMR) announces that Quicksilver Resources, a large US independent oil company, recently announced over 500 bopd is being produced 25 miles to the south of Emerald’s Niobrara shale oil acreage in the Green River Basin, USA.
Highlights:
• Quicksilver Resources reports sustained production of over 500 barrels of oil per day (bopd) oil from a horizontal well and around 100 bopd from single zones in several vertical wells near Emerald acreage
• Significant step forward in proving potential of Green River Basin (GRB) Shale oil play in Colorado/Wyoming, USA
The directors of Emerald consider the Quicksilver production results to be significant for EMR, as they indicate that a frac treatment design, effective in the Green River Basin Niobrara shale oil play, has now been demonstrated and this provides clear evidence of the production potential that could be expected from wells on EMR acreage.
For more details, please click on the link: http://emeraldoilandgas.com/sites /emeraldoilandgas.com/files /Substantial%20oil%20prod%60n%20from%20Niobrara%20Shale%20wells%20near%20EMR.pdf
Australian financial s services firm Hartleys Limited has also issued a research report on EMR today, in which it rates the company as a Speculative Buy. Hartleys has increased its price target for EMR from 5.9cps to 7.6 cps.
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