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.
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