The company also said using the knowledge gained from drilling the Alcor No. 1 to drill the Alcor No. 2 "should enable Great Bear to get a realistic benchmark of what an expected development well cost might be. Drilling optimization and cost control is essential in establishing the commerciality of the unconventional resource play."
Drilling the Alcor No. 2 and extending production testing to 180 days would enable Great Bear to conduct two extended Shublik formation production tests through the end of 2012 and into 2013, the company said.
The Merak No. 1 is expected to be completed in about mid-October, with fracture stimulation and flow testing beginning in mid-October. The rig would then be moved to drill the Alcor No. 2, with a lateral into the Shublik, with completion expected in mid-December, followed by fracture stimulation and flow testing from December until approximately July 2013.
Forward Looking Statements
In addition to historical information contained herein, this news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company's actual results to differ materially from those in the "forward-looking" statements. While the company believes its forward looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company's control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
CONTACT: Royale Energy, Inc.
Chanda Idano, Director of Marketing & PR 619-881-2800