CALGARY (CP) -- Strike Petroleum Ltd. said Tuesday it expects its daily oil production to come in at 450 barrels of oil equivalent per day at year-end.
An additional volume of 200 boepd will follow as pipeline crews complete operations, expected by mid February, the Calgary company said.
Strike Petroleum's current daily production is 284 boe, with a drilling program that has yielded nine gas wells, one oil well, one suspended well and one abandoned well resulting in a success ratio of 83 per cent since September, the company said.
On Tuesday, Strike Petroleum also said it had completed a C$4-million, previously-announced private placement and increased its banking facility to C$3.5 million.
Strike Petroleum is a Calgary-based junior oil and gas corporation with its principle producing properties located at the Kirkpatrick Lake, Youngstown, Sedalia, Jumpbush and Majorville areas of Alberta.
Its shares [TSXv:SPP] were closed unchanged at 60 cents on the TSX Venture Exchange Friday. The markets were closed Tuesday because of the Boxing Day holiday.
(c) The Canadian Press 2005
