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Progress Energy

 

Progress Energy
Resources Corp.

 

Winter 2010/2011
Asset Sale

 

Bids Due:

Jan. 17, 2011

 

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PDF IM
45 Pgs, 21.8 MB

 

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Confidentiality
Agreement

Primary Contact:

Tom Caldwell

403-299-8453

 

Introduction Letter | Foreward & Disclaimer | Asset Sale Overview

Fort St. John North: Overview | Beaverdam | Currant | Minor Properties

Fort St. John South: Overview | Two Rivers | Stoddart | West Eagle | Flatrock | Teal

Ojay: Overview | Area Activity | Nikanassin Development Potential | Cadotte/Falher Development Potential

Copton: Overview | Geology & Area Activity | Cardium Development Potential | Cadotte Development Potential

Two Creek: Overview | Jurassic 'A' and 'B' Pools | Jurassic 'A' Pool - ASP Upside Potential | Gething

 

FORT ST. JOHN NORTH - CURRANT

 

 

FORT ST. JOHN NORTH - CURRANT HIGHLIGHTS

  • 91 boe/d of gas-weighted production (September 2010 net production)
  • 2P reserves 684 Mboe (NPV 10% $6,713M)
  • Five potential gas new drill locations in the Gething Formation
  • Potential exists for one reactivation for Halfway oil
  • Potential exists for one re-completion in the Bluesky Formation

 

 

Map

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Map

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Chart

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CURRANT GEOLOGY

 

There are several productive and prospective intervals in the Currant area including the Bluesky, Gething, Charlie Lake, and Halfway Formations.

 

Bluesky Formation: In the Currant area, the Lower-Cretaceous Bluesky Formation was deposited in an east/west trending shoreline to shallow shelf environment. The Bluesky is overlain by shales of the Spirit River Formation. A transgression during the Lower Cretaceous time resulted in a gradational contact between the Bluesky and the underlying Gething Formation.

 

In the area, the Bluesky Formation consists of thin sandstone and conglomerate reservoirs with porosities ranging up to 15%. The Bluesky is at a depth of ~1,030m and has a gross thickness of ~10m in the Currant area.

 

Gething Formation: In the Currant area the Lower Cretaceous Gething Formation is between 20 and 30m thick and is comprised of fluvial to deltaic deposits. The distributary channel systems of the Gething can be up to 10m thick and in some places completely infill the underlying deltaic units. Variable channel fill and the complex cross-cutting nature of the channels makes the Gething a very heterogeneous reservoir package that is difficult to correlate over large areas. The reservoir facies are typically fining upwards channel sandstones with porosities up to 20%.

 

Halfway Formation: The Middle Triassic Halfway Formation overlies the Doig Formation and is conformably overlain by the Charlie Lake Formation. The Halfway was deposited as prograding barrier island shoreface complexes that were reworked by tidal channels. Coarsening-upwards, lower-shoreface sands are stacked and overlain by barrier-island and upper-shoreface sands in British Columbia.

 

Isolated sand bodies are typically seen eastward to the Alberta border.

 

Halfway reservoir sands range from 5-10m thick in the Currant area and have porosities as high as 24%. In this area, the Halfway is found at depths of ~1,200m.

 

Chart

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CURRANT DEVELOPMENT POTENTIAL

 

Bluesky Formation: A re-completion targeting the Bluesky Formation has been identified in the b-097-K/094-A-09 well (see log on this page). Petrophysical attributes of the zone are correlative to that of the offset well (c-087-K/094- A-09), which has produced 0.8 Bcf of gas from the Bluesky since 2005 and is currently producing 417 Mcf/d from the Gething Formation (Aug. 2010).

 

Gething Formation: Five Gething gas locations have been identified. Three of these locations are Probable Additional reserves with 127 Mboe assigned and initial production of 54 boe/d. In the Currant area, Gething first month production has been as high as 2,400 Mcf/d (as seen in the a-098-K/094-A-09 well).

 

Halfway Formation: There is potential to reactivate the b-009-C/094-A-16 well, which is completed in the Halfway Formation. This well has produced 621 MMcf of gas and 102 Mbbl of oil and liquids to date. When suspended in 2004, the well last produced 83 Mcf/d of gas and 6 bbl/d of oil. The well was suspended in order to re-complete the Gething Formation.