Pennine Petroleum Corporation Completes Re-Entry Of Castor Well

Pennine Petroleum Corporation, further to its news release of October 2, 2014 concerning the Corporation’s activities at the Castor 2-22 well site, offers the following update on recompletion efforts.

The well, located in east-central Alberta near Youngstown, has been re-entered. After drilling out the abandonment cement bridge plug, the Corporation recorded pressure build-up in the well bore and decided to re-perforate at four shots per foot in the prospective zone. The Corporation conducted pressure buildup tests and has been able to confirm that the Castor 2-22 well is connected to an existing Colony Formation reservoir. An analysis of offsetting production decline curves has indicated the Colony reservoir has remaining reserves of approximately 161 million cubic feet of natural gas.

The Corporation will continue to test and monitor the Castor 2-22 well pressure buildup for a period of time to confirm the Colony Formation reservoir production capability and evaluate tie-in options.

About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company currently active in Alberta and Saskatchewan. Pennine’s strategy is based on increasing cash flow by focusing on drilling and well recompletions on selective land areas where it currently operates.