Americas Petrogas Inc. (Toronto Venture: BOE) has completed a multi-stage hydraulic stimulation program on its ALL.x-1 well on the Los Toldos I block, which the company (45%) operates and shares with ExxonMobil (45%) and Gas y Petróleo del Neuquen (10%).
The multi-stage hydraulic stimulation involved four (4) stages and was completed in the Vaca Muerta shale formation of the ALL.x-1 well. The operations were carried out as per the predicted program. As earlier reported, the ALL.x-1 was drilled and cased to total depth of approximately 10,554 feet (3217 meters). It was also reported that the well intersected a continuous 1843 feet (562 metres) of the Vaca Muerta shale formation.
The Calgary, Alberta-based operator is now proceeding with plans for production testing of the well.
Barclay Hambrook, president and CEO, said, "We are pleased with the progress that we have made on this well and continue to be excited about the prospects for our unconventional wells."
Exxon Mobil Corp. and offshore Guyana partners continue their success with their 13th discovery on the Stabroek Block and fifth discovery in the Turbot area.
The rig count fell for the past four months and production growth in the Permian Basin and other key shale basins have slowed as oil prices fell and many independent shale companies cut spending.
The new policy focuses on incentivizing increased investment and production.