Dundee Securities issued an updated research report on Canadian Spirit Resources Inc. (SPI) today (click here to view). SPI has reached the milestone of first production and is now producing natural gas from three Montney horizontal wells. SPI joins Canbriam and Talisman Energy as the only Montney natural gas producers.
SPI expects to complete two previously drilled upper Montney wells, one in February and one after spring break up. There are also plans to drill an additional Montney well by the end of the first quarter. The company is also expecting to receive its reserve report by the end of the first quarter.
Entering the production phase is a big milestone for SPI. Dundee says that future results from their next two wells will be a big catalyst for the company's stock price should they be in the 6 to 8 mmcf/d range.
Tuesday, February 1, 2011
Canandian Spirit Resources Inc. announces first Montney production!
Canadian Spirit Resources Inc. (SPI) announced today that they have entered into the production phase in their Farrell Creek Montney project (click here to see the release). They have tied in three previously completed Montney horizontal wells and it is expected that the plant will be close to its 10 mmcf/d capacity.
Don Gardner, SPI's CEO, says "the commisioning of the new Farrell Creek gas plan and our first production from the Montney Formation are milestone events for CSRI and our shareholders."
Don Gardner, SPI's CEO, says "the commisioning of the new Farrell Creek gas plan and our first production from the Montney Formation are milestone events for CSRI and our shareholders."
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