Great tidings were announced Tuesday from the oil patch, as Calgary-based PetroTal Corp. (TSX-Venture:TAL) has placed a second oil well, on production through long-term test facilities at the Bretaña field and spud a third well, the BN 95-3H oil well.
The Company, which also has headquarters in Houston, said its second well, which reached total depth earlier this month, was brought online at an initial rate of approximately 2,250 barrels of oil per day. Tuesday’s press release revealed that this is an early production rate.
CEO Manolo Zuniga remarked, "We are pleased that the second oil well has come online as planned. The initial rate is an early production rate, however. Once the well has had time to stabilize, we will provide additional information to stakeholders.
"With the first two wells online the field has exceeded 3,000 BOPD. The Company's third oil well was spud on April 20, 2019. This well will also target the northern part of the field which will give us additional data points to continue defining the reservoir."
TAL shares had an excitement about them early Tuesday afternoon, adding two cents, or 7.7%, to 28 cents, or volume of 126,000 shares.
